FBAR 2020 Update: FinCen Form 114, Deadlines, Extension, Penalty Resolution, and Waiver Provisions
Who Must File, What Must Be Reported, Willful vs. Non-Willful Failures
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a practical guide to completing required FBAR filing requirements. The panel will offer detailed instruction on completing and filing an FBAR (FinCen Form 114), discuss recent IRS penalty enforcement actions for non-filing of foreign bank accounts, and describe extension provisions for the current filing year.
Outline
- What triggers FBAR filing requirements
- Entity ownership
- $10,000 threshold
- When are a company's officers personally responsible?
- Information to report on the FBAR vs. Form 8938
- Ownership accounts, accounts with signature authority, combined report accounts
- Form 8938 and associated IRS forms for foreign ownership/transactions
- Update on enforcement and new developments
- FBAR and Form 8938 penalties
- Willfulness standard and the non-willful certification
- Avenues and procedures
- Audits and examination
- Civil vs. criminal sanctions
Benefits
The panel will review these and other key issues:
- When can corporate officers' stake in foreign accounts trigger reporting responsibilities?
- What is the latest in the IRS and FinCen enforcement activity?
- What are the options for companies required to file an FBAR and have not?
- How do Form 8938 filing requirements intersect with FBAR?
Faculty
Igor S. Drabkin
Tax Attorney & Principal
Holtz, Slavett & Drabkin
Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively... | Read More
Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively and in court. Previously in his career, he was a senior IRS trial attorney and a special assistant U.S. attorney on bankruptcy cases involving tax matters.
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David J. Warner
Tax Attorney, Shareholder & Managing Principal
Holtz, Slavett & Drabkin
Mr. Warner is a Tax Attorney and the Managing Attorney of the Orange County Office of Holtz, Slavett &... | Read More
Mr. Warner is a Tax Attorney and the Managing Attorney of the Orange County Office of Holtz, Slavett & Drabkin. He has over 10 years of experience practicing in all aspects of tax controversy including tax audits, collection defense, and litigation in the U.S. Tax Court, U.S. District Court, and the Court of Federal Claims. He represents taxpayers in cases involving income tax, estate tax, gift tax, employment tax, collection issues, innocent spouse, penalties, and bankruptcy tax issues. He also represents taxpayers before the California Franchise Tax Board (FTB), Department of Fee and Tax Administration (CDTFA, formerly State Board of Equalization (BOE)), and Employment Development Department (EDD). He has particular expertise in tax matters involving individuals and small businesses, the examination of partnerships and S corporations, and offshore tax compliance issues, including the Report of Foreign Bank and Financial Accounts (FBAR), civil fraud, and offshore information return penalties.
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