On March 21, 2012, Igor Drabkin will be one of the speakers and presenters in an upcoming phone/web Strafford seminar entitled “Latest FBAR Voluntary Disclosure and Impending FATCA Reporting Duties“. This teleconference will prepare advisors and taxpayers to analyze the potential benefits and drawbacks of the latest OVDI, to comply with FATCA reporting requirements, and to grasp the ramifications of other recent developments in the FBAR realm.
The faculty panel will explore the following topics:
- The 2012 OVDI: Are its terms sufficiently appealing? What are its penalties? What has changed vs. the 2009 and 2011 disclosure programs?
- The new Form 8938: What should and shouldn’t be disclosed on the FATCA report? Where do FATCA and FBAR overlap and diverge? When could FATCA penalties and withholding duties apply?
- Related developments: How could IRS Fact Sheet FS-2011-13 on U.S. citizens and dual residents who failed to file an FBAR create issues? Might complaints from Canadian banks about FBAR and special attention to accounts in Swiss banks create problems?