| New and Enhanced FBAR and FATCA Reporting Requirements | | | | | | | | August | | | | 24 | | 1 pm - 2:15 pm ET | | | | | | | | | | Over the past several years, the Internal Revenue Service (the "IRS") has focused much of its attention on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the Report of Foreign Bank and Financial Accounts ("FBAR") form. The FBAR rules require taxpayers to annually report whether they have a financial interest in, or signature or other authority over, foreign bank accounts, and may impose substantial civil and criminal penalties for failing to do so. In addition taxpayers have an obligation to report their worldwide income, whether earned in domestically or offshore.
The IRS has also imposed additional reporting requirements that obligates U.S. taxpayers to annually disclose specified foreign financial assets on an IRS Form 8938 when they file their personal income tax returns. The IRS Form 8938 requirement is part of the Foreign Account Tax Compliance Act ("FATCA") which was enacted by Congress in 2010 as a measure to prevent U.S. taxpayers from hiding their wealth overseas. At its core, FATCA is mechanism for the IRS to receive a wealth of information with respect to a U.S. taxpayer's foreign bank accounts in that FATCA requires foreign banks and financial institutions to annually disclose to the IRS information about their U.S. depositors. FATCA has significant tax consequences for those U.S. taxpayers who have previously undisclosed foreign bank accounts.
In this course, you will learn about: - The the new FATCA foreign asset reporting rules
- Updates to the existing FBAR reporting regime for foreign bank accounts
- The FATCA information reporting regime for foreign banks
- The U.S. government's enforcement efforts
Course Reviews from Past Attendees
100% of attendees said they would recommend this course to others.
"Very detailed about the rules. Most helpful."
"I thought the presenters were well organized and spoke clearly."
"Timely topic."
"It answered our firm's most asked questions directly and to the point."
"I liked the thoroughness of the content."
"Very clear and concise... also the speakers did not "read from the slides" meaning they expounded on the bulleted items but did not just re-read them." | | | | | | | | | | Matthew D. Lee is a Partner with Blank Rome LLP. He is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. Mr. Lee has represented both corporations and individuals in criminal investigations involving tax, money laundering, health care, securities, public corruption, and fraud offenses, and has significant experience in handling all stages of state and federal litigation including trials and appeals. He has represented individuals and companies in all stages of proceedings before the Internal Revenue Service, including audits, appeals, and collections, as well as Tax Court and district court litigation. | | | | | | | | Jeffrey Rosenfeld is an associate with Blank Rome LLP. He concentrates his practice in the area of business tax law. He counsels public and private corporations, partnerships, and individuals in a broad array of tax matters. Mr. Rosenfeld 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. | | | | | | | | | | | ● Earn continuing education credit for no additional fee
● Access courses on your computer, tablet, or smartphone
● More than 75 live webinars each month
● More than 750 on-demand courses | | | | | | | |
|
|
No comments:
Post a Comment