FBAR Update: Mastering FinCen Form 114, New Deadlines, Extension, Penalty Resolution and Waiver Provisions
*** An encore presentation featuring live Q&A ***
A 110-minute CPE webinar with interactive Q&A
Tuesday, March 7, 2017 (in 10 days)
1:00pm-2:50pm EST, 10:00am-11:50am PST
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).
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.
- What triggers FBAR filing requirements
- Entity ownership
- $10,000 threshold
- When are a company’s officers personally responsible?
- Information that must be reported on FBAR
- Ownership accounts, accounts with signature authority, combined report accounts
- Form 8938 and associated IRS forms for foreign ownership/transactions
- Electronic filing of FBAR
- Restrictions of the electronic filing system
- Restrictions on preparer activity
- Update on enforcement and new developments
- FBAR and Form 8938 penalties
- Willfulness standard and the non-willful certification
- Avenues and procedures
- Audits and examination
- Civil vs. criminal sanctions
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?
This is an encore presentation with live Q&A.
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.
Randall P. Andreozzi, Partner
Andreozzi Bluestein Weber Brown,
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
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.
Registration per Person for Live Event
Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.
Live Webinar $147.00
Live Webinar & CPE Processing $182.00
CPE per Person on Live Event
Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.
This program is eligible for 2.0 CPE credits.
- Field of Study: Taxes.
- Level of Knowledge: Intermediate.
- Advance Preparation: None.
- Teaching Method: Seminar/Lecture.
- Delivery Method: Group-Internet (via computer).
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
- 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.
NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.
Includes full event recording plus handouts (available after live webinar).
Note: Self-study CPE and EA credits are not offered on recorded events.
Recorded Webinar Download $147.00
Available 48 hours after the live event
Recorded Audio Download (MP3) $147.00
Available 24 hours after the live event
DVD (Slide Presentation with Audio) $147.00
plus $9.45 S&H
Available ten business days after the live event
Registration Plus Recorded Event
Live Webinar & Webinar Download $194.00
Recorded Webinar Download Only $47.00 with Registration/Webinar Combo
Live Webinar & Audio Download $194.00
Recorded Audio Download (MP3) Only $47.00 with Registration/MP3 Combo
Live Webinar & DVD $194.00 plus $9.45 S&H
DVD (Slide Presentation with Audio) Only $47.00 with Registration/DVD Combo
NASBA CPE Sponsor
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
IRS Approved Provider
Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.
Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.
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