Audits and litigation arising from inadequate disclosures of foreign financial assets are on the rise. Meanwhile, many taxpayers remain unaware that even inadvertent failures to disclose their foreign financial assets may result in high penalties.
This session, presented on April 29, 2021, provided an overview of the requirements to disclose foreign financial assets to the Internal Revenue Service on Foreign Bank Account Reports (FBARs) and other informational reports, explained the current options for curing previous failures to disclose assets (whether inadvertent or willful), and conclude with a discussion of current trends in audits and litigation that are arising from undisclosed foreign financial assets.
- Understand basic requirements for disclosing foreign financial assets to the IRS on Foreign Bank Account Reports (FBARs) and other informational reports.
- Be able to compare current options for coming into compliance.
- Know when to hire an attorney to help cure past noncompliance.
- Know what to expect in audits and litigation arising from nondisclosure of foreign financial assets.
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