Make sure you are prepared for the next round of offshore tax enforcement.
This topic will provide a general overview of the latest changes that have been made to FATCA and FBAR rules. This information will help you answer questions such as who is required to file Form 8938, Statement of Specified Foreign Financial Assets, what assets must be disclosed and what are the penalties for noncompliance, what is an FBAR form, how does it differ from Form 8938 form, and what are the penalties for noncompliance? In addition, this topic will cover important details regarding FATCA reporting obligations for foreign banks, the current status of FATCA implementation, and implications for U.S. taxpayers with foreign accounts.
Learning Objectives
- You will be able to recognize FBAR requirements.
- You will be able to recognize FATCA requirements.
- You will be able to identify specific Reporting definitions.
- You will be able to identify penalties for non-compliance.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Foreign Bank Account Reporting (FBAR/FinCEN 114)
- Who Is Required to File
- What Information Is Required to Be Included in FBAR
- Procedural Aspects of Filing Requirement
- Penalties for Noncompliance
FATCA Reporting by Taxpayers (Form 8938)
- Who Is Required to File
- What Information Is Required to Be Included in Form 8938
- Procedural Aspects of Filing Requirement
- New Filing Requirements for Certain Domestic Entities
- Penalties for Noncompliance
FATCA Reporting by Foreign Financial Institutions
- Background and Introduction to FATCA
- What Foreign Banks Are Required to Report
- How the IRS Will Make Use of Information That Is Reported
IRS/DOJ Enforcement Update
- Criminal Enforcement Activity
- Civil Enforcement Activity and Audits
- Options for Noncompliant Taxpayers
- OVDP
- Streamlined Filing Compliance Procedures
- Other Options
Credit
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 17, 2019.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Matthew D. Lee
Fox Rothschild LLP
- Partner in the Philadelphia office of Fox Rothschild LLP
- Former U.S. Department of Justice trial attorney
- Practice emphasizes all aspects of white collar criminal defense and federal tax controversies
- Advises clients on FATCA and FBAR reporting requirements and IRS voluntary disclosure programs
- Counsels foreign banks on FATCA compliance issues
- Author of The Foreign Account Tax Compliance Act Answer Book 2017 (Practising Law Institute)
- Frequent speaker and writer on issues relating to the IRS voluntary disclosure programs, DOJ/IRS enforcement efforts regarding undeclared foreign bank accounts, and FBAR and FATCA rules and regulations
- Member of the Pennsylvania, New York, New Jersey and District of Columbia Bars
- J.D. degree, Emory University School of Law; B.A. degree, Furman University
- Can be contacted at 215-299-2765 or [email protected]
Jeffrey M. Rosenfeld
Blank Rome LLP
- Attorney in the Philadelphia office of Blank Rome LLP
- Concentrates his practice in the area of business tax law
- Counsels public and private corporations, partnerships, and individuals in a broad array of tax matters including domestic and international tax matters; state and local tax planning; tax-efficient structuring of domestic and international mergers, acquisitions, divestitures; reorganizations, spin-offs, redemptions and liquidations; formation, operation and acquisition of Subchapter S Corporations, partnerships and limited liability companies; federal, state, and local criminal and civil tax controversies, including audits, administrative appeals, and litigation; and issuances of equity-based compensation
- Counsels corporate clients and individuals regarding undeclared foreign bank accounts, including FBAR reporting obligations, and has represented numerous clients in the Internal Revenue Service’s Offshore Voluntary Disclosure Program
- Frequently writes on issues related to the FBAR and FATCA rules and regulations and international tax compliance issues
- J.D. degree, University of Pennsylvania Law School; L.L.M. degree, New York University School of Law; B.S. degree, Yeshiva University
- Can be contacted at 215-569-5752 or [email protected]
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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