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

Evaluating the Final FBAR Regs, Second Voluntary Compliance Offer and Other Developments

June 30 deadline rapidly approaching

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


Conducted on Wednesday, May 4, 2011

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors and taxpayers to comply with the rapidly approaching 2011 deadline for filing the Foreign Bank and Financial Accounts Report (FBAR) and the 6038D return. The panel will review lessons from filing the revised form and evaluate the IRS 2011 Offshore Voluntary Disclosure Program.

Description

Changes affecting U.S. taxpayers' filing of the revised Foreign Bank and Financial Accounts Report (FBAR) Form TD F 90.22-1 continue. In recent months, the Treasury Department's FinCEN published final FBAR regs, and the IRS made a second FBAR voluntary disclosure offer.

FBAR is due by June 30, 2011, while Aug. 31, 2011 is the deadline to gauge the merits of the voluntary disclosure deal. Meantime, taxpayers and advisors continue to evaluate Williams v. U.S., a Sept. 2010 federal court decision on FBAR non-filing penalties.

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 final regs and rulings involving FBAR, evaluates the latest VDA, gleans lessons learned to date from filing the revised form, and prepares you for filing FBAR and the 6038D return over the coming weeks.

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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 finalized FBAR regs from Treasury FinCEN
    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
  3. The 2011 voluntary disclosure program
    1. Terms
    2. Advantages and disadvantages
    3. Experiences with previous FBAR VDAs
  4. Recent guidance on FBAR
    1. Williams v. U.S. decision on duty to pay FBAR non-filing penalty
  5. Compliance experiences from June 2010 filings of new FBAR
  6. What will be required in FATCA Sect. 6038D information return

Benefits

The panel will get you ready for these and other problematic aspects of FBAR:

  • The finalized FinCEN regs: What you need to know about who the definition of "U.S. person" covers, which filers and accounts are exempted, etc.
  • The 2011 voluntary disclosure program: The pros and cons.
  • 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.
  • 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

Dennis Brager
Dennis Brager

Founder
Brager Tax Law Group

His firm specializes in tax controversy work. He previously worked for six years as a senior tax attorney with the IRS...  |  Read More

Brent Lipschultz
Brent Lipschultz

Partner
EisnerAmper

Mr. Lipschultz has 15 years of experience with international wealth advisor practice matters and writes and speaks...  |  Read More

Kevin Packman
Kevin Packman

Partner
Holland & Knight

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

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