New FBAR & FATCA Reporting Requirements

Duration: 90 Minutes
Persons attending this webinar will be able to identify individuals and entities that have FATCA and FBAR filing requirements and identify the difference and similarities in the two forms. Also, during the 2016 calendar year, the filing dates, forms, and filing methods have changed. FBAR is filed electronically on FinCen Report 114 and the due date has been moved from June 30 to April 15, 2016. The focus on the webinar is twofold: 1. The avoidance of preparer penalties. 2. The avoidance of failure to file penalties for individuals and entities.
FBAR Forms
Instructor: Greta P. Hicks
Product ID: 501249
Objectives of the Presentation
  • Identify filing requirements of FinCen Report 114
  • Identify Financial Bank Accounts to be reported on FinCen Form 114
  • Identify filing requirements of Form 8938, FATCA
  • Identify bank accounts and assets to be reported on Form 8938
  • Identify due diligence requirements of return preparer
  • Avoid late filing penalties for both forms
Why Should you Attend
The IRS is now focusing its resources on finding foreign bank accounts and foreign assets owned by US Persons. Preparers now have to exercise due diligence by asking questions related to Form 1040, Schedule B, which ask if the taxpayer has any foreign bank accounts and/or foreign trusts. TV, newspapers, and other media are filled with stories of persons/entities "getting caught" and/or fined for not reporting their foreign bank accounts. It is important that we not let this pass by without thinking "do I have any foreign bank accounts" or "do my clients have foreign assets." Unfortunately many return preparers and companies do not know "this may apply to me." Yes, the big guys are getting caught but so are the little guys. There are substantial penalties plus possible jail time for failure to report foreign bank accounts and foreign assets.

Areas Covered
  • Changes in filing dates and contents of forms
  • Definition of Foreign Bank Accounts
  • Definition of Foreign Assets
  • Similarities and differences in FATCA and FBAR
  • Filing requirements of US citizens who are residents of US versus residents of foreign countries
  • Potential penalty amount for failure to file
  • Due Diligence of Income Tax Return preparer
Who can Benefit
  • CFO, VP Finance
  • CFP
  • CPAs, EAs, and Attorneys in public practice
  • CPAs, EAs, and Attorneys in Large Corporations
  • CPAs, EAs, and Attorneys of Financial Institutions
  • Any officer, tax manager, controller
  • CPAs, EAs, and Attorneys in international businesses
  • Any person who has a PTIN desiring CPE Credit with IRS
  • Any CFP, CPA, EA, or Attorney desiring CPE credit
$300
Recorded Session for one participant
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor 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" on www.CCH.com as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.

Greta has been active in the Texas Society of CPAs for 40 years and has served on the IRS Relations Committee, on the Editorial Board of the TSCPAs and was the Tax Editor of Today's CPA. Her activities for the Houston Chapter of CPAs included Coordinator of Houston's IRS/Practitioner Study Group, Relations with Taxing Entities Committee, Teaching Taxes Committee, plus the Spring EXPO and Tax EXPO Committees.
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