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New and Enhanced FBAR and FATCA Reporting Requirements

Who is required to file an FBAR? Form 8938? Understand your reporting obligations and stay compliant.

Much attention has been focused on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the much-heralded Report of Foreign Bank and Financial Accounts or 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 impose substantial civil and criminal penalties for failing to do so. The Internal Revenue Service has imposed additional reporting requirements that obligates U.S. taxpayers to annually disclose specified foreign financial assets when they file their personal income tax returns for 2011 and thereafter. In addition, the information reporting requirements of FATCA will require foreign banks and financial institutions to annually disclose to the IRS information about their U.S. depositors, and this has significant consequences for noncompliant U.S. taxpayers. You will explore the new FATCA foreign asset reporting rules, be provided with an update on the existing FBAR reporting regime for foreign bank accounts, address the FATCA information reporting regime for foreign banks, and discuss the U.S. government's enforcement efforts.

Runtime: 100 minutes

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 31 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

Overview of FBAR and FATCA Rules

FATCA Foreign Asset Reporting Rules

  • Internal Revenue Code Section 6038D
  • IRS Form 8938 and Instructions
  • Who Is Required to File Form 8938?
  • What Foreign Assets Are Required to Be Reported?
  • Penalties for Nonfiling

Update on FBAR Reporting Requirements

  • Who Is Required to File an FBAR?
  • What Is Required to Be Reported on an FBAR?
  • Comparison of Form 8938 and FBAR Filing Requirements
  • Penalties for Nonfiling

FATCA Information Reporting Obligations for Foreign Banks

  • Background on FATCA Law and Regulations and Timetable for FATCA Implementation
  • Obligations of Foreign Financial Institutions (FFIs)
  • Status of Intergovernmental Agreements
  • Implications for U.S. Taxpayers With Foreign Bank Accounts

Update on IRS/DOJ Enforcement Activity

  • Criminal Enforcement of FBAR Reporting Requirements
  • Civil Enforcement/FBAR Audits
  • The Likely Future of Enforcement Activity
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More Program Information

Why Lorman?

Over 31 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 Webinar

This course was last revised on June 18, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 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

Matthew D. Lee

Matthew D. Lee

Fox Rothschild LLP

  • Partner in the Philadelphia office of Fox Rothschild LLP
  • Former U.S. Department of Justice trial attorney
  • Practice emphasizes all aspects of white collar criminal defense and federal tax controversies
  • Advises clients on FATCA and FBAR reporting requirements and IRS voluntary disclosure programs
  • Counsels foreign banks on FATCA compliance issues
  • Author of The Foreign Account Tax Compliance Act Answer Book 2017 (Practising Law Institute)
  • Frequent speaker and writer on issues relating to the IRS voluntary disclosure programs, DOJ/IRS enforcement efforts regarding undeclared foreign bank accounts, and FBAR and FATCA rules and regulations
  • Member of the Pennsylvania, New York, New Jersey and District of Columbia Bars
  • J.D. degree, Emory University School of Law; B.A. degree, Furman University
  • Can be contacted at 215-299-2765 or mlee@foxrothschild.com
Jeffrey M. Rosenfeld

Jeffrey M. Rosenfeld

Blank Rome LLP

  • Attorney in the Philadelphia office of Blank Rome LLP
  • Concentrates his practice in the area of business tax law
  • Counsels public and private corporations, partnerships, and individuals in a broad array of tax matters including domestic and international tax matters; state and local tax planning; tax-efficient structuring of domestic and international mergers, acquisitions, divestitures; reorganizations, spin-offs, redemptions and liquidations; formation, operation and acquisition of Subchapter S Corporations, partnerships and limited liability companies; federal, state, and local criminal and civil tax controversies, including audits, administrative appeals, and litigation; and issuances of equity-based compensation
  • 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
  • Frequently writes on issues related to the FBAR and FATCA rules and regulations and international tax compliance issues
  • J.D. degree, University of Pennsylvania Law School; L.L.M. degree, New York University School of Law; B.S. degree, Yeshiva University
  • Can be contacted at 215-569-5752 or rosenfeld@blankrome.com
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Why Lorman?

Over 31 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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Product ID: 402871
Published 2018
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