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The New and Enhanced FBAR and FATCA Requirements

presented by Lorman Education Services
View the Lorman Education Services Profile and Course Listings

Summary

The New and Enhanced FBAR and FATCA Requirements

Workshop Description/Agenda

Benefits
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.

Agenda
Foreign Bank Account Reporting (FBAR/FinCEN 114)
ï Who Is Required to File
ï What Information Is Required to Be Included in FBAR
ï Procedural Aspects of Filing Requirement
ï Penalties for Noncompliance

FATCA Reporting by Taxpayers (Form 8938)
ï Who Is Required to File
ï What Information Is Required to Be Included in Form 8938
ï Procedural Aspects of Filing Requirement
ï New Filing Requirements for Certain Domestic Entities
ï Penalties for Noncompliance

FATCA Reporting by Foreign Financial Institutions
ï Background and Introduction to FATCA
ï What Foreign Banks Are Required to Report
ï How the IRS Will Make Use of Information That Is Reported

IRS/DOJ Enforcement Update
ï Criminal Enforcement Activity
ï Civil Enforcement Activity and Audits
ï Options for Noncompliant Taxpayers
ñ OVDP
ñ Streamlined Filing Compliance Procedures
ñ Other Options

Faculty
Matthew D. Lee with Fox Rothschild LLP, Jeffrey M. Rosenfeld with Blank Rome LLP

Credits
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Enrolled Agents ,Additional credit may be available upon request.

Who Should Attend

This live webinar is designed for accountants, CPAs, controllers, CFOs, tax managers, tax preparers, finance directors, attorneys, presidents, vice presidents, estate and financial planners, accounts payable professionals and enrolled agents.

Additional Information

Training Provider: Lorman Education Services

Course Topics: Accounting Training > Taxation

Training Course Summary: The New and Enhanced FBAR and FATCA Requirements


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