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OnDemand Course

The New and Enhanced FBAR and FATCA Requirements

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.

98 minutes
Course Exam
Certificate of Completion
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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
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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.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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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

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

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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Product ID: 406479
Published 2019
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