Navigating the IRS Penalty Abatement Procedures for Foreign Information Reporting Noncompliance

Requesting Penalty Abatements for Failure to File Forms 5471, 5472, FATCA, and FBAR

Recording of a 90-minute premium CLE/CPE webinar with Q&A


Conducted on Thursday, September 17, 2020

Recorded event now available

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Program Materials

This CLE/CPE webinar will provide tax attorneys and accountants with a detailed discussion of best practices for requesting abatements of IRS penalties due to failure to properly file required international information forms such as the FBAR, Form 8938, and Forms 5471 and 5472. The panel will discuss the current trends in IRS abatement and will provide guidance on drafting abatement requests.

Description

Tax reporting of international accounts and activities is complex, and failure to file foreign tax information forms may lead to potentially ruinous penalties. The IRS continues to focus its attention and resources on international tax compliance reporting.

The Internal Revenue Code sets penalties for failure to file Forms 5471 at $10,000 per year per form, and the Form 5472 penalty has been increased to $25,000 per return per year. Those penalties can be increased for certain continuation failures.

The penalties for failure to file the FBAR (FinCEN Form 114) range from $10,000 for non-willful failure to the greater of $100,000 or 50 percent of the account balance at the time of the violation for willful noncompliance. Multiple penalties may be assessed per year based on the number of unreported foreign accounts.

Listen as our experienced panel provides best practices for documenting and filing requests for abatement of foreign tax penalties.

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Outline

  1. IRS penalty avoidance programs including the new voluntary disclosure program.
  2. What happens when penalty avoidance fails?
  3. Penalty structures
  4. Reasonable cause abatement standards
  5. What types of behavior result in determinations of willfulness?
  6. IRS penalty abatement request process
  7. Best practices in drafting penalty abatement requests

Benefits

The panel will review these and other key issues:

  • What foreign reporting forms are subject to penalties, and how are the penalties calculated, including current litigation on this issue?
  • What are the penalty structures for non-willful and willful failure to file? What standards are used by the IRS and the courts?
  • What are the standards for "reasonable cause" abatement?
  • How can the IRS' streamlined procedures be used to mitigate various penalties?

Faculty

Brager, Dennis N.
Dennis N. Brager, Esq.

Certified Tax Specialist
Brager Tax Law Group

Mr. Brager is a nationally known tax litigation attorney, representing clients in criminal and civil tax litigation and...  |  Read More

Obeid, Fran
Fran Obeid

Principal
MFO LAW

Ms. Obeid is the founder of MFO LAW, P.C. She represents individual and corporate clients in civil and criminal matters...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$347

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CPE Not Available

$347