FBAR Update: Mastering FinCen Form 114, New Deadlines, Extension, Penalty Resolution and Waiver Provisions

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, February 2, 2017
Recorded event now available


This webinar will provide counsel and tax advisers with the tools necessary to navigate the Report of Foreign Bank and Financial Accounts (FBAR) filing requirements, including the newly-announced extension and first-time penalty waiver requests, and will offer detailed guidance on how to thoroughly and accurately complete and file an FBAR (FinCen Form 114).

Description

The IRS announced additional changes to the filing requirements for the FBAR, remitted on FinCen Form 114. The changes were meant to benefit taxpayers required to disclose foreign-based financial accounts balances. The major reporting change takes effect in 2017 for the 2016 tax filing year, moving the deadline for filing the FBAR from June 30th to April 15th to align the FBAR with the filing deadline for individual income tax returns. For most individual taxpayers, this will accelerate the filing process.

In addition to altering the filing deadlines, the new regulations provide both U.S. and non-U.S. resident taxpayers with a mechanism for obtaining a six-month filing extension. Perhaps the most important of the changes is the first-time filer penalty relief for taxpayers who fail to timely file the FBAR or request an extension.

The FBAR remains an often-complex reporting obligation, and the IRS will cross-reference FBAR information with other tax filings, as well as information disclosures from other sources such as foreign financial institutions. This makes failure to accurately report assets on the FBAR potentially very costly for U.S. taxpayers, even with the extension and penalty relief provisions of the new regulations.

Listen as our experienced panel provides a comprehensive guide to completing the FBAR forms, as well as a summary of relevant changes in disclosure requirements.

Outline

  1. What triggers FBAR filing requirements
    1. Entity ownership
    2. $10,000 threshold
    3. When are a company’s officers personally responsible?
  2. Information that must be reported on FBAR
    1. Ownership accounts, accounts with signature authority, combined report accounts
    2. Form 8938 and associated IRS forms for foreign ownership/transactions
  3. Electronic filing of FBAR
    1. Restrictions of the electronic filing system
    2. Restrictions on preparer activity
  4. Update on enforcement and new developments
    1. FBAR and Form 8938 penalties
    2. Willfulness standard and the non-willful certification
    3. Avenues and procedures
    4. Audits and examination
    5. Civil vs. criminal sanctions

Benefits

The panel will review these and other key issues:

  • When can corporate officers’ stake in foreign accounts trigger reporting responsibilities?
  • What is the latest in IRS and FinCEN enforcement activity?
  • What are the terms of the IRS voluntary disclosure program for companies required to file FBAR?
  • How do Form 8938 filing requirements intersect with FBAR?

Learning Objectives

Upon completing this seminar you will be able to:

  • Identify the 2016 changes to the FBAR (FinCen Form 114) filing deadlines
  • Ascertain the content of penalty waiver provisions and form requirements.
  • Determine the rules for determining what accounts must be reported
  • Recognize the process for filing an extension, as well as a penalty waiver request.

Faculty

Randall P. Andreozzi, Partner
Andreozzi Bluestein Weber Brown, Clarence, N.Y.

Mr. Andreozzi specializes in complex tax controversy matters and corporate tax matters, and international/territorial tax issues, among other engagements. He previously spent 16 years in the IRS Office of Chief Counsel, working as an industry counsel for the commissioner's Industry Specialization Program (ISP).

Igor S. Drabkin, Principal
Holtz Slavett & Drabkin, Beverly Hills, Calif.

Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively and in court. Previously in his career, he was a senior IRS trial attorney and a special assistant U.S. attorney on bankruptcy cases involving tax matters.

Matthew D. Lee, Partner
Fox Rothschild, Philadelphia

Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. He has significant experience in conducting corporate internal investigations and advising banks and financial institutions as to compliance issues involving FATCA, the Bank Secrecy Act, the USA Patriot Act, anti-money laundering laws and regulations, and economic sanctions. He also represents financial institutions in enforcement proceedings brought by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

Michel R. Stein, Principal
Hochman Salkin Rettig Toscher & Perez, Beverly Hills, Calif.

Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. He represents individuals with sensitive civil tax examinations where fraud or substantial penalty issues may arise, and extensively advises individuals on foreign and domestic voluntary disclosures regarding foreign account and asset compliance matters. Mr. Stein has published extensively in the field of tax law, and he frequently lectures on many topics throughout the country.   


EA Credit

Enrolled Agent credit processing is available for an additional fee per person.

EA Processing $5.00


Recordings

CPE On-Demand

Includes video streaming of full program plus handouts (available within a week of the live webinar).

Strafford is a NASBA-approved CPE provider for On-Demand webinars.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: Printing and reviewing Program Outlines and materials.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: QAS Self-Study.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of FBAR triggers, information to be remitted on FinCen Form 114, and the FBAR electronic filing process; familiarity with FBAR extensions and first-time filer penalty relief.

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Recorded Event

Includes full event recording plus handouts.

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00

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Recorded Audio Download (MP3) $147.00

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DVD (Slide Presentation with Audio) $147.00 plus $9.45 S&H

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Program Materials

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Program Materials

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EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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Customer Reviews

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

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Savas Greene & Company

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