Foreign Bank Account Reporting and Enforcement Update:The Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative and the New FBAR Regulations
All U.S. taxpayers are required to file an annual reporting form, called a Report of Foreign Bank and Financial Accounts (or FBAR), stating whether they have a financial interest in any bank accounts maintained in foreign countries. The failure to file this form annually is a felony and can also subject non-filers to substantial civil penalties.Both the U.S. Justice Department and Internal Revenue Service have announced that foreign bank account reporting and compliance is a top enforcement priority. In 2009, the Justice Department entered into a Deferred Prosecution Agreement with UBS AG, Switzerland’s largest bank, in which UBS agreed that it had assisted thousands of U.S. taxpayers in committing tax evasion by maintaining secret bank accounts in Switzerland for decades. Since that time, over twenty criminal prosecutions have been filed against UBS accountholders, bankers, and investment advisors. Also in 2009, the IRS conducted a highly successful amnesty program for holders of undeclared foreign bank accounts. During the term of that program, over 15,000 individuals came forward and admitted that they had secret bank accounts in Switzerland and other foreign jurisdictions.In February 2011, the Internal Revenue Service unveiled its 2011 Offshore Voluntary Disclosure Initiative, a long-awaited second amnesty program designed to encourage U.S. taxpayers with undisclosed foreign bank accounts to come into compliance with U.S. tax laws and avoid possible criminal prosecution. Shortly thereafter, the Treasury Department announced new regulations governing foreign bank account reporting which are effective for FBARs due to be filed by June 30, 2011. These new regulations make substantial changes to the foreign bank account reporting requirements and are effective immediately.This program would provide an update on foreign bank account reporting and enforcement, including the new IRS amnesty program, the new FBAR regulations, and the U.S. government’s enforcement efforts in this area
Erika Litvak, Shareholder,
- FBAR Reporting Foundation
- Who must file?
- What needs to be reported?
- When is the filing due?
- Are there exceptions?
- What are the penalties for failure to file?
Matthew D. Lee, Partner,
Blank Rome LLP
- IRS/DOJ Enforcement Efforts Regarding FBAR Reporting and Offshore Tax Evasion
- Bradley Birkenfeld – UBS whistleblower
- UBS Deferred Prosecution Agreement (Feb. 2009)
- Turnover of UBS accountholder information by UBS and Switzerland
- Data mining by U.S. for leads
- Criminal prosecutions of UBS accountholders and Swiss bankers, advisors, and promoters
- Recent prosecutions of accountholders and bankers at Credit Suisse and HSBC (2011)
- Service of IRS “John Doe” summons on HSBC regarding accounts in India (2011)
- Anticipated future enforcement efforts by U.S. government
Terence Coppinger, Partner,
Deloitte Tax LLP
- Primer on the requirements of the 2011 OVD
- Integration of the 2011 fbar requirements and the OVD program.
- Taxpayers experiences with previous ovd
Who Should Attend:
- Tax Attorneys
- Trust and Estate Attorneys
- Chief Financial Officers
- Corporate Tax Professionals and Financial Executives
- Financial Advisors and Money Managers
Erika concentrates her practice on taxation, with special emphasis on international taxation. Erika assists individuals with off-shore income tax and estate planning, expatriation, pre-immigration planning, structuring investments in the United States, etc. Erika also assists U.S. and foreign entities in cross-border transactions, merger and acquisitions, investments of U.S. entities abroad and investments of foreign entities in the United States, establishment of operations in the United States and abroad as well as with reporting and compliance issues in addition to any other aspect related to international taxation.
- Areas of Concentration
- Pre-immigration planning
- Off-shore income tax and estate planning
- Investment in the United States
- Acquisition, maintenance and sale of U.S. real estate by foreigners
- Reporting and compliance
- Cross-border transactions
- Mergers and acquisitions
- U.S. companies investing or doing business abroad
- Starting or restructuring operations in the United States
- Foreign Account Tax Compliance Act (FATCA)
Erika concentrates her practice on taxation, with special emphasis on international taxation. Erika assists individuals with off-shore income tax and …
Matthew D. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on white collar criminal defense and federal tax controversies. He has extensive experience in advising clients on foreign bank account reporting obligations and voluntary disclosures of offshore accounts, and has published numerous articles on these topics. He also has represented clients in all stages of proceedings before the IRS, including audits, appeals, and collections, and Tax Court litigation. Matthew has experience in conducting corporate internal investigations and advising clients on corporate compliance issues involving the Bank Secrecy Act, the USA Patriot Act, and anti-money laundering laws. He has represented corporations and individuals in criminal investigations involving tax, money laundering, health care, securities, public corruption, and fraud offenses.
Matthew D. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on white collar criminal …
Terence Coppinger is a Director with Deloitte Tax LLP in their New York City office. He advises the Firm’s clients in the areas of tax information reporting and IRS practice and procedure. He is responsible for provided consulting services on withholding obligations, qualified intermediaries and matters involving domestic and nonresident alien Federal withholding and reporting. Terence has represented some of his Firm’s largest clients before the IRS and he oversees Deloitte’s Northeast Non resident Alien and domestic information reporting compliance practice.Prior to joining Deloitte, Mr. Coppinger worked for the Internal Revenue Service as a Revenue Officer and Revenue Agent. Mr. Coppinger has co-authored numerous articles in such widely circulated publications as The Journal of Bank Taxation, Practical Tax Strategies and The Tax Adviser. He is also an adjunct associate professor at St. John’s University Tobin College of Business where he teaches graduate courses in IRS Practice and Procedure, Federal Tax Research and Tax Research and Writing. He is a Certified Public Accountant, a member of the AICPA and the New York State Society of Certified Public Accountants. He holds a BS in Finance and MBA with a specialization in Public Accounting from St. John’s University and a MS in Taxation from Pace University.
Terence Coppinger is a Director with Deloitte Tax LLP in their New York City office. He advises the Firm’s clients …
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