Overview :
IRS Information Release 2015-116, dated Oct. 16, 2015 announced that the IRS has, since 2009, collected $8 Billion dollars through the Offshore Voluntary Disclosure Program (OVDP). What is OVDP? It is the filing of FBAR and FATCA forms which includes the filing of FBAR Form FinCEN Form 114, Foreign Bank account reporting and Financial Accounts (formerly TD F 90-22.1) and FATCA Form 8938 which discloses specified foreign financial assets.
Why Should You Attend :
Congress passed the Bank Secrecy Act compliance in 1970 as the first laws to fight money laundering in the United States. The Bank Secrecy Act (BSA) gives the Department of Treasury authority to collect information from United States persons who have financial interests in or signature authority over financial accounts maintained with financial institutions located outside of the United States. (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR) is a part of the Bank Secrecy Act and information can be found on the IRS website as well as the Financial Crimes Enforcement Network.
Areas Covered in this Webinar :
There are similarities, but also very different filing requirement thresholds and definitions of applicable assets for each of these forms and beginning in 2016, there are new filing dates. This webinar will cover the following subjects:
GENERAL:
Due Diligence of Return Preparer
FBAR:
Determine who must file the FBAR.
Determine who is exempt from the FBAR filing requirements.
Determine the FBAR filing requirements.
What is a “financial interests?”
What are defined as “Foreign Bank Accounts and Financial Accounts?”
What form number is required?
What is the 2016 filing date?
FATCA:
FATCA, what are defined as “foreign assets?”
FATCA, what is the filing requirement thresholds?
FATCA, what form number is required?
FATCA, what is the 2016 filing date?
FATCA, what are the civil penalties for failure to file?
Learning Objectives :
What are the differences in FBAR and FATCA forms and filing requirements?
Understand the civil and criminal penalties that may be applicable for noncompliance with the FBAR filing requirements
FATCA, what is the difference in the filing thresholds for “US Persons” who live inside the US and those who live in foreign countries?
Who Will Benefit :
CPA, EA, and Attorneys
Persons who prepare Tax Returns
Persons who deal with IRS, Federal Agencies, State Agencies
Employees/Managers of Tax Departments
Employees/Managers who manage Banking Operations
Anyone responsible for responding to IRS correspondence
For more information, please visit : https://www.complianceglobal.us/product/700520/GretaPHicks/new-fatca-fbar-filing-requirements-meeting-the-requirements-and-avoiding-the-penalties/1
Email: support@complianceglobal.us
Toll Free: +1-844-746-4244
Tel: +1-516-900-5515
Level:
Intermediate
Speaker Profile :
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems.
She is the author of "IRS Examination and Appeals Procedures" as well as, pilot tester of on-line continuing education courses for Checkpoint Learning.
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