Challenging Foreign Bank and Financial Accounts (FBAR) Penalties: Practical Guide in Defending Against Assessments
With the Internal Revenue Service’s (IRS') continued aggressive enforcement of Foreign Bank Account Report (FBAR) requirement, U.S. taxpayers who are subjected to IRS investigation for unreported foreign bank accounts must carefully decide on and optimize defensive positions against potential FBAR penalties. Because FBAR penalties are governed by Title 31 of the U.S. Code, which deals with money laundering, rather than by the Internal Revenue Code, account holders are provided with the opportunity to challenge penalty assessments under the Administrative Procedure Act (APA). Several aspects of FBAR penalty assessments may be susceptible to APA arguments which the account holder, with the help of an adviser, can take into consideration when deciding on a strategy.
Listen as a panel of distinguished practitioners organized by The Knowledge Group provides the audience with a thorough and practical guide for challenging FBAR penalties. Speakers, among other things, will also offer helpful insights on the applicability of APA to FBAR penalty litigation.
In a LIVE Webcast, the speakers will discuss:
- Understanding FBAR Penalty Assessment
- Applicability of APA to FBAR Penalty Assessment
- When to Bring an Action under APA
- Strategic Considerations
- Significant Court Decisions
- Developing a Defense Strategy
Ian M. Comisky, Partner
Fox Rothschild LLP
- Update on FBAR Penalty Issues
- Willfulness Standard
- Penalty Cap
- Mitigation Guidelines
- Penalty Increase for Inflation
- Coming Events
David Gannaway, Principal
PKF O'Connor Davies, LLP
- Criteria for Relief From Penalties
- Reasonable Cause
- Ordinary Business Care and Prudence
- Erroneous Advice or Reliance
- Mitigation Threshold Conditions
- FBAR Penalties - Examiner Discretion
- Managerial Involvement and Approval of FBAR Penalties
- FBAR Penalty Mitigation Guidelines for Violations Occurring After October 22, 2004
Who Should Attend:
- Tax Counsel and Advisers
- Tax Lawyers
- Tax Professionals
- Enrolled Agents
- Multinational Companies
- Foreign Investors
- In-house Counsel
- Other Related/Interested Professionals and Organizations
Ian M. Comisky is a litigation partner at Fox Rothschild LLP with more than 35 years of experience representing corporations and individuals in civil and criminal tax litigation, white-collar criminal defense and complex commercial disputes. Ian concentrates his practice in representing individuals and entities with respect to U.S. tax and foreign asset reporting obligations under FBAR and FATCA as well as other information reporting requirements. He also counsels individuals and corporations in civil audits and criminal investigations . Ian is a co-author of the two-volume treatise Tax Fraud and Evasion. He was elected in 1995 to the American College of Tax Counsel and is an adjunct professor at the University of Pennsylvania Law School teaching a course that covers FBAR reporting and related issues. Fox Rothschild is a full-service law firm with 21 offices coast to coast. Key practice areas include Bankruptcy, Corporate, Gaming, Employment, Entertainment, Intellectual Property, Litigation, Privacy & Data Security, Real Estate and Tax.
Ian M. Comisky is a litigation partner at Fox Rothschild LLP with more than 35 years of experience representing corporations …
David Gannaway is a Principal of the firm’s Litigation Support Group. With more than 25 years’ experience, he has served as both an IRS Special Agent, handling criminal investigations, and a private sector consultant, unraveling complex domestic and international white-collar financial fraud schemes across numerous business sectors, including healthcare, non-profit and financial services, among others. Applying high-level technical expertise, he is recognized for preparing meticulous damage calculations and successfully refuting the computations presented by opposing witnesses. With a widely-respected record of producing impressive and favorable results in criminal and civil trials at both the state and federal levels, Mr. Gannaway is an exceptional client advocate in tax controversies, white-collar criminal investigations, offshore IRS disclosure issues, shareholder disputes and settlement negotiations.
Mr. Gannaway is a frequent speaker at industry conferences and a thought leader in the areas of preventing and detecting fraud, money laundering, civil and criminal income taxes, regulatory compliance, the Foreign Corrupt Practices (FCPA) and Bank Secrecy Acts.
David Gannaway is a Principal of the firm’s Litigation Support Group. With more than 25 years’ experience, he has served …
Print and review course materials
Method of Presentation:
On-demand Webcast; Group-Internet Based
Experience in FBAR filing
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Taxes - Technical
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About Fox Rothschild LLP
Fox Rothschild LLP is a national law firm known for excellent client service and agility in problem solving. Our lawyers provide a full range of services to public and private companies, from startups to multinational corporations, and prominent individuals, including celebrities, athletes, artists and entrepreneurs. Founded more than a century ago, Fox has grown significantly in recent years and is now ranked in the AmLaw 100, with 750 attorneys in 22 offices coast to coast.
About PKF O'Connor Davies, LLP
PKF O’Connor Davies, LLP is a full-service certified public accounting and advisory firm with a long history of serving clients both domestically and internationally. With roots tracing to 1891, nine offices in New York, New Jersey, Connecticut and Maryland, and more than 700 professionals, the Firm provides a complete range of accounting, auditing, tax and management advisory services. PKF O’Connor Davies is ranked 29th on Accounting Today’s 2018 “Top 100 Firms” list and is recognized as one of the “Top 10 Fastest-Growing Firms.” PKF O’Connor Davies is also recognized as a “Leader in Audit and Accounting” and is ranked among the “Top Firms in the Mid-Atlantic,” by Accounting Today. In 2018, PKF O'Connor Davies was named by Vault as one of the 50 best accounting employers to work for in North America.