Offshore account reporting is changing, and civil & criminal penalties are still high. American citizens and residents with non-U.S. financial accounts have been struggling with these changes for the past years. Recently, the Financial Crimes Enforcement Network (FinCEN) has proposed regulations to conform FBAR filing deadlines to the new date, update the filing exemption, and require filers with 25 or more accounts. The due date for reports of Foreign Bank and Financial Accounts (FBAR) is June 30 of each year. However, with the proposed regulations, reports will be due every April 15. On top of that, the U.S. Department of Justice (DOJ) and the Internal Revenue Service (IRS) are expanding offshore enforcement efforts. The list of countries automatically exchanging information with the U.S. government to implement the Foreign Account Tax Compliance Act (FATCA), is growing. Banks anywhere around the globe want to ensure that their concerned clients are compliant with the IRS.
These and other developments imply the need for financial institutions and individual taxpayers to take heed.
In this LIVE webcast, a panel of distinguished professionals and thought leaders brought together by The Knowledge Group will help businesses understand the fundamental aspects of this significant topic. They will provide an in-depth discussion of the recent changes made to FBAR and FATCA Requirements. Speakers will also offer best compliance practices and risk mitigation strategies amidst the Next Round of Offshore Tax Enforcement.
Key topics include:
- The New FBAR and FATCA Requirements
- Implications of the Changes
- DOJ’s and IRS’ Intensified Offshore Tax Enforcement
- Best Compliance and Risk Management Practices
- Regulatory Forecasts