Understand the scope of U.
S. tax reporting obligations with respect to offshore assets and the potential penalties for non-compliance.Millions of U.S. taxpayers living both overseas and in the United States own assets that are kept offshore. The U.S. government believes that many of these taxpayers, with the assistance of foreign financial institutions and other individuals, have been holding their assets offshore to avoid U.S. income tax or hide criminal activity. IRS enforcement activity in this area has been heavy for the last 15 years and the IRS, through various information gathering techniques, has become quite adept at locating taxpayers who are non-compliant with their offshore asset reporting obligations. To avoid serious problems, U.S. taxpayers and their tax advisors need to be well versed in a complicated reporting scheme. This presentation will help attendees understand the scope of U.S. tax reporting obligations with respect to offshore assets, the potential penalties for non-compliance, and ways that taxpayers may remediate past non-compliance before the IRS commences a formal investigation. Attendees will also learn about the laws and processes that have been put into place to collect information on offshore assets and how technology is assisting with that effort. Finally, attendees will hear about recent FBAR litigation and how that is shaping IRS enforcements efforts. Offshore asset reporting can be a trap for the unwary, but it doesn't need to be.
Overview and Learning Points
This FATCA training provides a general overview of the latest changes that have been made to FATCA and FBAR rules. Content is geared towards accounting and legal professionals, so you can 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 an 8938 form, and what are the penalties for not filing one?
In addition, this topic covers important background information on FATCA reporting obligations for foreign banks, the current status of intergovernmental agreements, and their implications for American taxpayers with foreign accounts.
After completing our FATCA training online, accounting professionals can gain the background they need to advise clients with foreign holdings or U.S. taxpayers living and working abroad. Upon completion, you may receive a full or partial continuing education credit with your state’s bar association or public accountancy board. Please check the Credits tab for a state-by-state list of eligible programs.
Why Lorman?
At Lorman Education Services, we recognize the value of accessible professional development for today’s accountants and lawyers. With federal and state regulations changing constantly, you need up-to-date training options that you can access on your own time. For 28 years, we have been providing innovative distance and e-learning modules that connect professionals with the information they need to grow their careers and serve their clients better.
Our online FATCA training course is just one of the options available from Lorman Education Services. All of our courses are taught by recognized experts in their field. We also offer several content delivery options, including archived webinars, live streamed classes and MP3 downloads. Browse our current academic calendar using the Training dropdown menu on this page, and get started today!
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Why Lorman?
Over 37 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
Purpose of FATCA
- Background
- What FATCA Was Meant to Accomplish
- Common Reporting Standard
Compliance and Penalties
- Foreign Financial Institutions
- Reporting for U.S. Taxpayers
- Risks of Non-Compliance
FBAR - the Basics
- Who, What, When, and Where
- Recordkeeping Requirements
- Difference Between FBAR and FATCA Reporting
FBAR Violations
- Willful V. Non-Willful
- Recklessness
- Penalty Structure
Recent FBAR Litigation
- Bittner
- Bedrosian, Kelly
- TBD
Voluntary Disclosures and Other Remedial Options
- OVDP
- Streamlined
- DIIRSP
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Why Lorman?
Over 37 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 April 17, 2024.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- MO CLE 2.1
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.7
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 103 Minutes.
- NJ CLE 2.0
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
- NY CLE 2.0 including Areas of Professional Practice 2
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WI CLE 2.0
- This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 2.1
- This program has been approved by the West Virginia State Bar MCLE Commission for 2.1 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- Arizona CLE 1.5
- CA MCLE 1.5
- CT CLE 1.5
- HI CLE 1.5
- NJ CLE 2.0
- NY CLE 2.0 including Areas of Professional Practice 2
- VT CLE 1.5
- WV MCLE 2.0
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 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
Benjamin Z. Eisenstat
Caplin & Drysdale
- Member, Caplin & Drysdale’s Washington, D.C. office
- Specializing in assisting individuals and corporations in all manner of civil and criminal tax controversies
- Regularly advises clients with offshore assets on coming back into tax compliance through the use of the IRS’s voluntary disclosure programs and streamlined filing compliance procedures
- Represented clients as part of some of largest FBAR investigations in U.S. history
- Co-author of the U.S. Offshore Account Enforcement Issues chapter of the LexisNexis Guide to FATCA and CRS Compliance and co-author of the BNA Portfolio on FBARS
- Co-Chair of the Civil and Criminal Tax Penalties – Criminal Litigation Sub-Committee for the Tax Section of the ABA
- Represented clients in criminal investigations connected to Mossack Fonseca as revealed in the Panama Papers
Niles A. Elber
Caplin & Drysdale
- Member, Tax Controversy Practice, Caplin & Drysdale’s Washington, D.C. office
- More than 20 years of experience representing clients in civil and criminal tax controversies; practice is broad, ranging on the civil side from IRS examinations, appeals matters, and proceedings in federal court while on the criminal side handling both administrative and grand jury tax investigations; has assisted hundreds of clients with their voluntary disclosures and income tax and FBAR penalty exams related to unreported foreign bank accounts.
- Speaks regularly to accountants and tax lawyers on a variety of tax controversy topics
- Co-authored BNA Tax Management Portfolio titled: Report of Foreign Bank and Financial Accounts (FBAR)
- Fellow, American College of Tax Counsel; member, American Bar Association Section of Taxation – past chair, Civil and Criminal Tax Penalties Committee
- J.D. degree, Tulane University; LL.M. degree in tax, New York University
- Can be contacted at [email protected] or 202-862-7827
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Why Lorman?
Over 37 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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