Latest FBAR Voluntary Disclosure and Impending FATCA Reporting Duties

Analyzing Pros and Cons of the IRS Offer; Data to Include on Form 8938

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

Conducted on Wednesday, March 21, 2012

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors and taxpayers to analyze the potential benefits and drawbacks of the latest OVDI, to comply with FATCA reporting requirements, and to grasp the ramifications of other recent developments in the FBAR realm.


Advisors and taxpayers affected by the revised Report of Foreign Bank and Financial Accounts (FBAR) have new developments to analyze, starting with the latest IRS offshore voluntary disclosure initiative (OVDI). With maximum penalties increased and no current expiration date, terms of the deal must be mastered.

Meanwhile, calendar-year taxpayers should prepare for first filings of Form 8938, a.k.a. the Foreign Account Tax Compliance Act (FATCA) information report on funds in overseas accounts and other foreign financial assets. Issuance of Form 8938 and Sect. 6038D administrative rules (T.D. 9567) give much to consider.

Given those developments, new IRS guidance for U.S. citizens and dual residents abroad, controversy over FBAR's applicability to Canadian and Swiss banks, and the cost of potential FBAR-related civil penalties, tax professionals must familiarize themselves with the OVDI, FATCA rules and other recent events.

Listen as our panel of seasoned tax advisors explores pros and cons of the voluntary disclosure offer, FATCA report requirements and impact of related developments.



  1. The 2012 IRS OVDI
    1. Eligibility
    2. Potential penalties
    3. Pros and cons
    4. When expiration date will be set
  2. FATCA foreign account information reporting
    1. T.D. 9567 and Sect. 6038D rules
    2. Accounts and taxpayers covered
    3. Form 6038 and instructions
    4. Potential penalties
    5. Withholding rules
  3. Other recent developments
    1. IRS Fact Sheet FS-2011-13
    2. Issues with Canadian and Swiss banks


The panel will explore these and other relevant topics:

  • The 2012 OVDI: Are its terms sufficiently appealing? What are its penalties? What has changed vs. the 2009 and 2011 disclosure programs?
  • The new Form 8938: What should and shouldn't be disclosed on the FATCA report? Where do FATCA and FBAR overlap and diverge? When could FATCA penalties and withholding duties apply?
  • Related developments: How could IRS Fact Sheet FS-2011-13 on U.S. citizens and dual residents who failed to file an FBAR create issues? Might complaints from Canadian banks about FBAR and special attention to accounts in Swiss banks create problems?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.


Kevin Packman
Kevin Packman

Holland & Knight

He is attached to his firm's Private Wealth Services Section, where his work emphasizes estate and gift tax planning...  |  Read More

Matthew D. Lee
Matthew D. Lee

Blank Rome

He has extensive client advisory experience on FBAR, undeclared foreign bank accounts and the IRS voluntary disclosure...  |  Read More

Drabkin, Igor
Igor S. Drabkin

Holtz Slavett & Drabkin

Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively...  |  Read More

Kelley Miller
Kelley Miller

Reed Smith

Ms. Miller’s practice involves complex federal tax controversies, state tax planning and litigation, and tax...  |  Read More

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