BarbriSFCourseDetails
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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, December 5, 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 course will provide tax advisers with a practical guide to completing the FBAR filing requirements. The panel will offer detailed instructions on completing and filing an FBAR, discuss recent IRS penalty enforcement actions for non-filing of foreign bank accounts, review recent cases, and describe extension provisions for the current filing year.

Faculty

Igor S. Drabkin
Tax Attorney & Principal
Holtz, Slavett & Drabkin, APLC

Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively and in court. Previously in his career, he was a senior IRS trial attorney and a special assistant U.S. attorney on bankruptcy cases involving tax matters.

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Gary Slavett
Principal and Founder
Holtz, Slavett & Drabkin, APLC

Mr. Slavett is a principal and founder of Holtz, Slavett & Drabkin, A Professional Law Corporation. He has been a California licensed attorney since 1996 and has over 25 years of experience in the practice of tax law. Mr. Slavett's practice focuses on all tax controversy matters including issues related to Foreign Bank Accounts & FBAR penalties, tax litigation, tax audit representation, tax administrative appeals, and criminal tax matters.  He also handles matters related to the Bank Secrecy Act and Administrative and Civil Forfeitures. Mr. Slavett frequently represents his clients before the United States Tax Court, U.S. District Court, Internal Revenue Service (IRS), United States Attorneys Office, California Franchise Tax Board (FTB), California Department of Tax and Fee Administration (CDTFA), California State Board of Equalization (BOE), California Employment Development Department (EDD), California Office of Tax Appeals (OTA) and California Unemployment Insurance Appeals Board (CUIAB).

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Description

Foreign bank accounts remain a top priority for the IRS, including imposing penalties in the millions of dollars against taxpayer who do not timely file a complete Report of Foreign Bank and Financial Accounts (FBAR). In 2023, the IRS continued a 10+ year trend of listing offshore issues, including FBARs, among its Dirty Dozen list of top tax scams. While the form and filing requirements remain in place, FinCEN and the IRS have extended some filing deadline protections to benefit taxpayers required to disclose foreign-based financial account balances.

FBAR remains a complicated 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. This makes failure to accurately report assets on the FBAR potentially very costly for U.S. taxpayers, even with the extension provisions of the new regulations.

Listen as our experienced panel provides a comprehensive guide to completing the FBAR forms.

Outline

  1. What triggers FBAR filing requirements
    1. Entity ownership
    2. $10,000 threshold
    3. When are a company's officers personally responsible?
  2. Information to report on the FBAR vs. Form 8938
    1. Ownership accounts, accounts with signature authority, combined report accounts
    2. Form 8938 and associated IRS forms for foreign ownership/transactions
  3. Update on enforcement and new developments
    1. FBAR and Form 8938 penalties
    2. Willfulness standard and the non-willful certification
    3. Avenues and procedures
    4. Audits and examination
    5. Civil vs. criminal sanctions

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 the IRS and FinCEN enforcement activity?
  • What are the options for companies required to file an FBAR and have not?
  • How do Form 8938 filing requirements intersect with FBAR?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Describe Form 8938 filing requirements
  • Ascertain the content of penalty waiver provisions and form requirements
  • Determine the rules for identifying accounts to report
  • Recognize the process for filing an extension, as well as a penalty waiver request

  • 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 at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of FBAR triggers, information to be remitted on FinCen Form 114, and the FBAR electronic filing process; familiarity with FBAR extensions and first-time filer penalty relief.

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).