Report of Foreign Bank and Financial Accounts: Preparing for 2011 Filings

Latest Developments and Practical Lessons From 2010 Compliance

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


Conducted on Wednesday, February 9, 2011

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors and taxpayers to comply with the 2011 filing deadline of the Foreign Bank and Financial Accounts Report (FBAR).

Description

While many U.S. taxpayers filed their first version of the overhauled Foreign Bank and Financial Accounts Report (FBAR), Form TD F 90.22-1, this past summer, others face a first filing deadline of June 30, 2011. Preparation for 2011 is critical, whether it is a first or second FBAR.

The proposed FBAR FinCEN regs and IRS Notice 2010-23 are expected to take effect before the 2011 filing deadline. 2010 compliance and FBAR voluntary disclosure agreements offer valuable lessons, as does Williams v. U.S., a Sept. 2010 federal court decision on FBAR non-filing penalties.

Meanwhile, many taxpayers and advisors must also file the closely parallel Sect. 6038D informational return under the Foreign Account Tax Compliance Act (FATCA).

Listen as our panel of seasoned tax advisors analyzes the regulations and rulings involving FBAR, gleans lessons learned to date from filing the revised form, and prepares you for filing FBAR and the 6038D return in 2011.

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Outline

  1. Key aspects of the updated Form TD F 90.22-1 (FBAR), issued October 2008
    1. Requirement for persons in or doing business in the U.S. to file FBAR
      1. “Doing business” standard delayed
      2. IRS guidance on that issue forthcoming
    2. Expanded list of domestic corporation officers and employees who are exempt from filing requirement
    3. Expanded definition of reportable financial accounts
    4. Expanded definition of “financial interest” through ownership in corporations, partnerships or trusts
    5. Broadened standards for who holds signatory authority over foreign accounts
  2. Material terms of the proposed FBAR regs in Treasury FinCEN release (IRS Notice 2010-23)
    1. Resolve uncertainty over “U.S. person” definition
    2. Specify what financial accounts must be reported
    3. Expand signature authority over accounts
    4. Other changes
    5. Prospect that regs will be finalized before 2011 FBAR filings
  3. Guidance this year on FBAR
    1. Williams v. U.S. decision on duty to pay FBAR non-filing penalty
  4. Compliance experiences from June 2010 filings of new FBAR
    1. Also, experiences with FBAR voluntary disclosure agreements
  5. What will be required in FATCA Sect. 6038D information return

Benefits

The panel will review these and other key questions:

  • The proposed FinCEN regs: What you need to know about who the definition of "U.S. person" covers, which filers and accounts are exempted, etc.
  • General terms of FBAR: Which U.S. and foreign taxpayers owe information about interests in foreign accounts and funds to the government by June 30, 2011.
  • Lessons learned: What difficulties can be anticipated based on the 2011 FBAR filings and VDAs.
  • Court rulings and other guidance: What can be gleaned from decisions such as Williams v. U.S. on FBAR non-filing penalties.
  • Anticipating the Sect. 6038D return: Why many FBAR filers will complete this form as well, and what to expect.

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

Faculty

Drabkin, Igor
Igor S. Drabkin

Principal
Holtz Slavett & Drabkin

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

Steven Toscher
Steven Toscher

Principal
Hochman Salkin Rettig Toscher & Perez

He has a broad-based tax practice covering federal and state income taxes and estate, employment, excise, sales and...  |  Read More

Scott Fink
Scott Fink

Greenberg Traurig

He specializes in tax planning for high-net-worth individual clients involving U.S. and foreign income, corporate and...  |  Read More

Shannan Cuddy
Shannan Cuddy
Tax Counsellor
Moody Famiglietti & Andronico

She works on a wide range of federal, state and local tax planning and compliance engagements. Before coming to the...  |  Read More

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