FBAR 2018 Update: Mastering FinCen Form 114, Deadlines, Extension, Penalty Resolution And Waiver Provisions

Webinar: ID# 1028831
Recorded CD or On-Demand
About This Course:
This webinar will provide counsel and tax advisers with the tools necessary to navigate the Report of Foreign Bank and Financial Accounts (FBAR) filing requirements, including the newly announced extension and first-time penalty waiver requests, and will offer detailed guidance on completing and filing an FBAR (FinCen Form 114).

The IRS announced more changes to the filing requirements for the FBAR, remitted on FinCen Form 114. The changes were meant to benefit taxpayers required to disclose foreign-based financial accounts balances.

The major reporting change takes effect in 2017 for the 2016 tax filing year, moving the deadline for filing the FBAR from June 30th back to April 15th to align the FBAR with the filing deadline for individual income tax returns. For most individual taxpayers, this will accelerate the filing process.

In addition to altering the filing deadlines, the new regulations provide U.S. and non-U.S. resident taxpayers with a mechanism for obtaining a six-month filing extension. Perhaps the most important of the changes is the first-time filer penalty relief for taxpayers who fail to timely file the FBAR or request an extension.

FBAR remains an often-complex 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 and penalty relief provisions of the new regulations.

Listen as our experienced panel provides a comprehensive guide to completing the FBAR forms, as well as a summary of relevant changes in disclosure requirements.

  • What triggers FBAR filing requirements
    • Entity ownership
    • $10,000 threshold
    • When are a company’s officers personally responsible?
  • Information that must be reported on FBAR
    • Ownership accounts, accounts with signature authority, combined report accounts
    • Form 8938 and associated IRS forms for foreign ownership/transactions
  • Electronic filing of FBAR
    • Restrictions of the electronic filing system
    • Restrictions on preparer activity
  • Update on enforcement and new developments
    • FBAR and Form 8938 penalties
    • Willfulness standard and the non-willful certification
    • Avenues and procedures
    • Audits and examination
    • Civil vs. criminal sanctions

The panel will review these and other key issues:
  • When can corporate officers’ stake in foreign accounts trigger reporting responsibilities?
  • What is the latest in IRS and FinCEN enforcement activity?
  • What are the terms of the IRS voluntary disclosure program for companies required to file FBAR?
  • How do Form 8938 filing requirements intersect with FBAR?
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
FBAR 2018 Update: Mastering FinCen Form 114, Deadlines, Extension, Penalty Resolution And Waiver Provisions
Available on CD or On-Demand formats
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