FBAR Update: Mastering FinCen Form 114, New Deadlines, Extension, Penalty Resolution And Waiver Provisions
|Date / Time:
This webinar provides tax advisors 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.
It also offers detailed guidance on how to accurately complete and file an FBAR (FinCen Form 114).
NOTE: Beginning with the 2016 tax filing year, the deadline for filing the FBAR has changed from June 30th 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 both 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.
The 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, making 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. Coverage includes:
- 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
- New changes to deadlines and penalty relief
- Responding to audits and examinations
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?
Upon completing this seminar you will be fully briefed on the 2016 changes to the FBAR (FinCen Form 114) filing deadlines, penalty waiver provisions, and form requirements. You will know the rules for determining what accounts must be reported, you will see illustrations of a completed FBAR form, and you will know how to request an extension, as well as a penalty waiver request.
Continuing Education Credits Available
This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.
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.
To obtain CPE credit, attendees must participate in the live event, 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 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.
Handout materials and the phone number for live presentations are made available to you 1 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, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|Licenses / Designations / Educational Credits:||CPE|
All US States: 2
|About The Provider:
||Strafford Publications, Inc. 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. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
Strafford webinars and teleconferences offer an excellent opportunity to train your entire staff—with no lost travel time or expenses. They are extremely cost-effective—allowing an unlimited number of people at your location to listen from a single line at no additional charge.
Each live seminar features presentations by a panel of nationally recognized authorities, followed by an interactive Q&A session. Presentation materials can be viewed online or printed out. Audio can be accessed via the web or a telephone.
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