FBARs, Voluntary Disclosures and Foreign Accounts
When:
Wednesday, February 12, 2014 - 10:00am - 11:00am
Cost:
$145.00
Location:
Online Event
Register Here:
Webinar Registration Description:
Overview : For those individuals who have failed to file FBAR forms, but would now like to step forward, there are options to help alleviate some of the high penalties and fines. One option is the Offshore Voluntary Disclosure Program (OVDP).
Within the OVDP there are opportunities to reduce the 27.5% penalty to as low as 5%. Possible lower penalties are also available to those clients who "opt-out," but significant risk is involved in opt-outs. Another option is the "Streamlined" Filing Compliance Procedure for non-filer non-residents. For those clients who are unwilling to enter the OVDP there are "quiet disclosures," and other alternatives. In his webinar, Dennis explains the FBAR requirements, the programs which non-compliant filers can use to solve their filing problems and the penalties for those who don't. Dennis will also discuss the pitfalls for CPAs whose clients fail to file FBARs.
Why should you attend: It's estimated that there are millions of people with foreign bank accounts who haven't fulfilled their filing obligations, Willful failure to file an FBAR can result in jail time as well as civil penalties. The civil penalty is 50% percent of the total foreign account balance. Each year of non-compliance can lead to separate and cumulative penalties all the way up to 300% of the overseas account balances.
Other penalties can be assessed if foreign entities and trust are not properly reported. For CPAs, and attorneys failure to make appropriate inquires of their clients about the existence of foreign assets can result in disciplinary action by the IRS, and potential client malpractice suits. Furthermore, client "confessions" about their offshore accounts to their accountants are not protected by any privilege. The tax return preparer is usually the IRS' first witness in a criminal tax case.
Areas Covered in the Session:
Who Will Benefit:
Within the OVDP there are opportunities to reduce the 27.5% penalty to as low as 5%. Possible lower penalties are also available to those clients who "opt-out," but significant risk is involved in opt-outs. Another option is the "Streamlined" Filing Compliance Procedure for non-filer non-residents. For those clients who are unwilling to enter the OVDP there are "quiet disclosures," and other alternatives. In his webinar, Dennis explains the FBAR requirements, the programs which non-compliant filers can use to solve their filing problems and the penalties for those who don't. Dennis will also discuss the pitfalls for CPAs whose clients fail to file FBARs.
Why should you attend: It's estimated that there are millions of people with foreign bank accounts who haven't fulfilled their filing obligations, Willful failure to file an FBAR can result in jail time as well as civil penalties. The civil penalty is 50% percent of the total foreign account balance. Each year of non-compliance can lead to separate and cumulative penalties all the way up to 300% of the overseas account balances.
Other penalties can be assessed if foreign entities and trust are not properly reported. For CPAs, and attorneys failure to make appropriate inquires of their clients about the existence of foreign assets can result in disciplinary action by the IRS, and potential client malpractice suits. Furthermore, client "confessions" about their offshore accounts to their accountants are not protected by any privilege. The tax return preparer is usually the IRS' first witness in a criminal tax case.
Areas Covered in the Session:
- FBAR Problems
- Who must file an FBAR
- Penalties for non-filers
- "Tax Amnesty" - Options for non- filers
- Offshore Voluntary Disclosure Program (OVDP) for non- filers – pros & cons
- Streamlined Filing Compliance Procedure for non-filers – pros & cons
- "Quiet Disclosures"
- "Opting Out of OVDP"
- Malpractice Avoidance
Who Will Benefit:
- CPAs
- Attorneys
- Holders of offshore accounts
- CEOs
- Tax Preparers
- Enrolled Agents
- Business Managers
- Bankers
NetZealous LLC,
161 Mission Falls Lane,
Suite 216, Fremont, CA 94539, USA
Phone: 1800-385-1627
Fax: 302-288-6884
Zip 94539
