Comparison of FBAR & FATCA Including APRIL 2017 Filing Dates

Duration: 90 Minutes
There are similarities, but also very different filing requirement thresholds and definitions of applicable assets for each of these forms: FBAR Form FinCEN Form 114, Report of Foreign Bank and Financial Accounts (formerly TD F 90-22.1), FATCA Form 8938, which discloses specified foreign financial assets. And beginning in 2016, there are new filing dates: Fincen Form 114 (the electronic FBAR) is now changed from June 30 to April 15. For the first time, taxpayers who must file this form will be allowed a six-month extension of time to file. For partnership returns- the new due date is March 15 (for calendar year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal year partnerships). For corporation returns- the new due date is the 15th day of the fourth month following the close of the corporation's tax year.
FBAR and FATCA Filing Requirements
Instructor: Stanley I. Foodman
Product ID: 502406
Objectives of the Presentation
    General
    • Due Diligence of Return Preparer
    • What are the similarities of FBAR and FATCA?
    • What are the differences in FBAR and FATCA forms?
    • What are the differences in FBAR and FATCA filing requirements?
    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 2016/2017 filing date?
    • Understand the civil and criminal penalties that may be applicable for noncompliance with the FBAR filing requirements
    FATCA
    • What is the definition of "foreign assets?"
    • What is the filing requirement thresholds?
    • What is the difference in the filing thresholds for "US Persons" who live inside the US and those who live in foreign countries?
    • What form number is required?
    • What is the 2016/2017 filing date?
    • What are the civil penalties for failure to file?
Why Should you Attend
In April 2003, the Financial Crimes and Enforcement Network (FinCEN) delegated enforcement authority of FBAR to the IRS; therefore the IRS is now responsible for:
  • Enforcing filing requirements
  • Investigating possible civil violations
  • Assessing and collecting civil penalties
  • Issuing administrative rulings
Foreign Account Tax Compliance Act (FATCA), which was included as part of the HIRE Act of 2010, was enacted by Congress to target non-compliance by U.S. taxpayers using foreign accounts… "While elements of the legislation have been in effect since 2011, the main elements of FATCA reporting began in 2015 and will continue to unfold over the next few years." Douglas W. O'Donnell, Commissioner of the Large and Midsize Division of IRS.

Who will Benefit
  • CPA, EA, Attorney & Staff
  • Any Officer/Manager/Employee responsible for bank account maintenance, CEO, CFO
  • Tax Department Management/Employee responsible for filing Federal forms
$300
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Instructor Profile:
Stanley I. Foodman is the CEO of Foodman CPAs & Advisors, and a recognized and respected forensic accounting and litigation support practitioner. Specializing in complex international and domestic tax matters, he has served as an expert witness and forensic accountant for some of the nation's most challenging, high-profile economic crime cases. He and his team of accountants also assist clients with a full range of accounting matters including compliance, voluntary disclosure, corporate and individual taxation, estate and trust tax and wealth planning.

Mr. Foodman is a former auxiliary special agent for the Florida Department of Law Enforcement with specialization in economic crime - money laundering, bank fraud, public corruption and discovery of hidden assets. He is also a former consultant to the Miami office of the U.S. Attorney for civil RICO money laundering recoveries.

He is an active member of the civic and charitable community focusing on education, legal and social justice and economic development.
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