Seminar ID: 100441

The New and Enhanced FBAR and FATCA Requirements

Presented By:
Matthew D. Lee

Fox Rothschild LLP

You will Learn:

  • Learn about the foreign bank account (FBAR) reporting obligations imposed on U.S. taxpayers
  • Discover the foreign asset reporting obligations imposed on U.S. taxpayers by the new FATCA law
  • Understand the risks of non-compliance with these reporting obligations and the criminal and civil penalties for non-compliance
  • Uncover best practices relating to compliance with these requirements.

On the heels of the U.S. government's global crackdown on the use of secret foreign bank accounts, the IRS has recently imposed additional reporting requirements that will obligate U.S. taxpayers to annually disclose “specified foreign financial assets” when they file their personal income tax returns for 2011 and thereafter. The new foreign asset reporting rules, which are part of the Foreign Account Tax Compliance Act (FATCA), signal a new era in foreign asset reporting by U.S. taxpayers, and significantly expand the disclosure requirements in scope and type well beyond what was previously required to be reported on the FBAR form. This 10-minute preview of our upcoming audio conference, "A Brave New World for U.S. Taxpayers with Foreign Assets: The New and Enhanced FBAR and FATCA Requirements," will explore the new FATCA foreign asset reporting rules and provide an update on the existing FBAR reporting regime for foreign bank accounts.