Navigating the IRS Penalty Abatement Procedures for Foreign Information Reporting Noncompliance

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

An encore presentation.

A 90-minute premium CLE/CPE video webinar with interactive Q&A


Tuesday, December 7, 2021

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, November 12, 2021

or call 1-800-926-7926

This CLE/CPE course will provide tax attorneys and accountants with a detailed discussion of best practices for requesting relief of IRS penalties as a result of failing to time file required international information forms such as Forms 5471, 5472, 3520, 3520-8858, 8865, 926, and the FBAR. The panel will discuss the current trends in seeking relief from the imposition of such penalties by the IRS 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 up to 650,000 for Forms 5471 and an infinite amount for Form 5472.

The penalties for failure to file the FBAR (FinCEN Form 114) range from $10,000 per year for non-willful failure to file up 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.

READ MORE

Outline

  1. Summary of most common international tax reporting Forms
  2. Penalty structure
  3. What types of behavior result in determinations of willfulness?
  4. IRS penalty avoidance programs, including the Criminal Investigation division voluntary disclosure program
  5. Reasonable cause abatement standards
  6. IRS penalty abatement request process
  7. Best practices in drafting penalty abatement requests
  8. What happens when penalty relief fails?

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" relief?
  • How can the IRS' streamlined procedures be used to mitigate various penalties?

An encore presentation.

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

Glaser, Guy
Guy Glaser

Attorney
Brager Tax Law

Mr. Glaser has over 30 years of tax experience with the IRS. He spent the first twenty years as a Senior Trial Attorney...  |  Read More

Attend on December 7

Early Discount (through 11/12/21)

See NASBA details.

Cannot Attend December 7?

Early Discount (through 11/12/21)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

Download