We are pleased to announce that Igor Drabkin and David Warner will be speaking in an upcoming Strafford live webinar, “FBAR 2020 Update: FinCen Form 114, Deadlines, Extension, Penalty Resolution, and Waiver Provisions” scheduled for Thursday, July 16, 1:00pm-2:50pm EDT (10:00 a.m.-11:50 PDT).
Recent court decisions, with penalties for willful failure to complete the FBAR hitting millions of dollars, reinforces the IRS’ intent to focus on foreign information reporting noncompliance as a high enforcement priority. While the form and filing requirements remain in place, FinCen and the IRS have extended some filing deadline protections to benefit taxpayers required to disclose foreign-based financial account balances.
FBAR remains a complicated reporting obligation, and the IRS will cross-reference FBAR information with other tax filings, as well as information disclosures from other sources such as foreign financial institutions. This makes failure to accurately report assets on the FBAR potentially very costly for U.S. taxpayers, even with the extension provisions of the new regulations.
Our panel will provide tax advisers with a practical guide to completing required FBAR filing requirements. The panel will offer detailed instruction on completing and filing an FBAR (FinCen Form 114), discuss recent IRS penalty enforcement actions for non-filing of foreign bank accounts, and describe extension provisions for the current filing year.
We will review these and other key issues:
- When can corporate officers’ stake in foreign accounts trigger reporting responsibilities?
- What is the latest in the IRS and FinCen enforcement activity?
- What are the options for companies required to file an FBAR and have not?
- How do Form 8938 filing requirements intersect with FBAR?
After our presentations, we will engage in a live question and answer session with participants so we can answer your questions about these important issues directly.
We hope you’ll join us.
For more information or to register click here
Or call 1-800-926-7926
Ask for FBAR 2020 Update: FinCen Form 114 on 7/16/2020
Mention code: ZDFCA