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

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.