New and Enhanced FBAR and FATCA Reporting Requirements
1 hour 40 minutes
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.
- You will be able to review the FATCA information reporting obligations for foreign banks.
- You will be able to define what foreign assets are required to be reported.
- You will be able to explain penalties for nonfiling.
- You will be able to identify the FBAR and FATCA asset reporting rules.
To register for this live webinar please dial 1-866-411-6211.