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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, August 8, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This webinar will address common FBAR reporting errors and discuss how to remedy and avoid these. Our panel of tax controversy experts will identify accounts that must be included on the FBAR but are often overlooked and point out misunderstandings surrounding reporting thresholds and filing requirements. Finally, they will offer advice on correcting prior errors and circumventing mistakes on future returns.

Faculty

Eli S. Noff
Partner
Frost Law, LLC

Mr. Noff utilizes his background as a CPA and attorney to vigorously defend clients before the IRS and state taxing authorities. He is also the firm’s lead on international tax matters, which involves complex international tax compliance issues, resolving many offshore voluntary disclosures and streamlined filing compliance procedures, as well as preparing complex Passive Foreign Investment Company (PFIC) computations. Mr. Noff also represents clients in a significant number of tax collection matters, federal and state examinations and appeals, IRS criminal investigations, and matters before the federal and state tax courts.

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Joshua Wu
Counsel
Latham & Watkins LLP

Mr. Wu, former Deputy Assistant Attorney General (DAAG) for Appellate and Review in the Tax Division of the US Department of Justice (DOJ), counsels and advocates for companies and high net worth individuals on all aspects of tax controversies and litigation.

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Description

There are many reasons taxpayers fail to file an FBAR. They may have no income tax return filing requirement or be a U.S. citizen living abroad and believe their situation negates an FBAR filing requirement. They could have children who are minors and not realize they, too, have an FBAR filing obligation.

Perhaps a tax practitioner filed an FBAR only to discover a taxpayer has an additional reportable foreign retirement account or cash surrender value in a life insurance policy that was omitted. What is certain is the significant penalties charged for these foot faults--$10,000 per form per year and up to 50 percent of the account value if the failure to report is willful.

There are pathways to remedy these missteps. An FBAR can be amended and filed electronically. If the FBAR was not originally filed, nonfilers could take advantage of delinquent submission procedures and streamlined reporting procedures to resolve past noncompliance. Knowing the most appropriate course of action, given the individual's circumstances, is key. Of course, the best practice is to avoid these missteps initially. Tax advisers working with multinational taxpayers need to thoroughly understand the FBAR filing requirements and how to prevent common reporting errors.

Listen as our panel of international tax matters experts divulges best practices to prevent the most frequently made FBAR reporting errors.

Outline

  1. Avoiding FBAR reporting errors: introduction
  2. Penalties
  3. Reporting errors
    1. Failure to file
      1. Living abroad
      2. Minors
      3. Missed deadlines
    2. Failure to report required accounts
      1. Retirement accounts
      2. Life insurance
      3. Signature authority
  4. Remedies
    1. Willful vs. nonwillful
    2. Amending the FBAR
    3. Quiet disclosures
    4. Delinquent submission procedures
    5. Voluntary disclosures
    6. Streamlined reporting
  5. Examinations and litigation
  6. Best practices to avoid reporting errors

Benefits

The panel will cover these and other critical issues:

  • Identifying common FBAR reporting errors
  • The FBAR reporting requirements for minors, life insurance, and retirement accounts
  • Differences in FATCA and FBAR reporting thresholds
  • Correcting past noncompliance and errors on previously filed submissions
  • Dealing with FBAR examinations and litigation
  • Best practices for avoiding FBAR reporting mistakes

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify the most common FBAR reporting mistakes
  • Determine when foreign retirement accounts need to be reported
  • Decide when an amended FBAR return is the best course of action
  • Ascertain key differences between FBAR and FATCA reporting thresholds

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).