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

Webinar: ID# 1020240
Recorded CD or On-Demand
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About This Course:
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.

Agenda

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
Benefits

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?
Learning Objectives

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.

Processing

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.

Credit Confirmation

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.

Delivery

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.
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FBAR Update: Mastering FinCen Form 114, New Deadlines, Extension, Penalty Resolution And Waiver Provisions
Available on CD or On-Demand formats
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