FBAR Controversies Continue: Foreign Account Reporting, Compliance Requirements, and Litigation Update
Date: Thursday, April 29, 2021
Time: 12-1 p.m. PT • 1-2 p.m. MT • 2-3 p.m. CT • 3-4 p.m. ET
Hosted By: Fredrikson & Byron’s Tax Disputes & Litigation Group
Presenters: Ken Levinson and Masha Yevzelman
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 will provide 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, explain 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.
We have applied for Continuing Legal Education (CLE) and Continuing Professional Education (CPE) credit for this program in Minnesota.
Advance preparation: None | Program level: Basic | Prerequisites: None | Delivery method: Group internet-based | Field of study: Taxes | CPE: 1.0 credit per webcast
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Fredrikson & Byron, P.A. 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
This webcast is held using ON24. Read more about the minimum system requirements here.