The New FBAR and FATCA Requirements: Implications Uncovered!
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
James A. Guadiana, Partner
- A “how we got here” look at the history of the present U.S. regulatory scheme, starting with a description of the problem of assets held by U.S. account holders in offshore accounts and recounting the attempts to tackle it, including FBAR.
Matthew D. Lee, Partner
Fox Rothschild LLP
- Focus on FATCA, the scope of the statute (who is covered), intergovernmental agreements and recent developments (FBAR and FATCA reporting changes)
Kathleen A. Agbayani, Of Counsel
Baker & McKenzie LLP
- How the U.S. regulatory scheme squares with the Organization for Economic Co-operation and Development’s Common Reporting System; what are the differences and what are the implications re: compliance.
Who Should Attend:
- Foreign Investors
- Tax Preparers
- Tax Practitioners
- Tax Professionals
- In-house Counsel
- Private and Public Companies
- Other related/interested Professionals and Organizations
Matthew D. Lee is a partner in the Philadelphia office of Fox Rothschild LLP. He is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense and federal tax controversies. He has extensive experience in advising clients on issues regarding foreign bank account reporting (FBAR) obligations, the Foreign Account Tax Compliance Act (FATCA), and the Internal Revenue Service’s Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures. He has represented hundreds of U.S. taxpayers with undisclosed offshore bank accounts and assets. Mr. Lee has published numerous articles regarding the IRS voluntary disclosure programs and FBAR and FATCA reporting obligations and speaks frequently on these topics. He has also represented clients in all stages of proceedings before the Internal Revenue Service, including audits, appeals, and collections, and Tax Court and district court litigation. Mr. Lee also has experience in conducting corporate internal investigations and advising clients as to corporate compliance issues involving the Bank Secrecy Act, the USA Patriot Act, FATCA, and anti-money laundering laws and regulations. Mr. Lee has represented corporations and individuals in criminal investigations involving tax, money laundering, health care, securities, public corruption, and fraud offenses, and has significant experience in handling all stages of federal litigation including trials and appeals. Mr. Lee is the author of Foreign Account Tax Compliance Act Answer Book 2016 (Practising Law Institute) and publishes a blog entitled Tax Controversy Sentinel (https://taxcontroversy.foxrothschild.com/).
Matthew D. Lee is a partner in the Philadelphia office of Fox Rothschild LLP. He is a former U.S. Department …
Jim Guadiana has extensive experience as tax advisor to a number of public corporations, including corporations listed on various non-U.S. stock exchanges. Jim has served as advisor to public and privately-held multinational companies with regard to their operations and investments in the United States. In recent years, he has served as U.S. tax counsel to one of the world’s largest companies in its pre-IPO reorganization and IPO, as advisor to both developers and investors in connection with U.S. real estate development projects, providing both pre- and post-formation tax planning, and structuring investment vehicles to optimize after-tax returns for foreign investors.
Jim has advised clients on the establishment of transfer pricing policies, assisted clients in implementing cost-sharing arrangements, and has advised clients on the tax aspects of transfers of proprietary technology (including patents). He is often called on to structure multinational executive compensation programs to achieve optimum tax benefits for employers and employees in multiple jurisdictions, and has advised multinational families with regard to their global investments, business activities, and U.S. tax compliance requirements. Jim also has represented clients before U.S. tax agencies and U.S. tax courts.
Jim has presented at various conferences on tax-related matters, and is respected domestically and internationally as an expert in recognizing and resolving novel and complex tax issues in domestic and cross-border investments in myriad fields.
Jim Guadiana has extensive experience as tax advisor to a number of public corporations, including corporations listed on various non-U.S. …
Kathleen Agbayani is of counsel in the North American Tax Practice Group. She joined Baker & McKenzie’s Washington, DC office after serving as an attorney-advisor for the Honorable Robert N. Armen, Jr., at the United States Tax Court. She is a committee member of the North American Tax Practice Group Tax Controversy Steering Committee and the Global Tax Practice Group Voluntary Disclosure Steering Committee. She has spoken at the American Bar Association Section of Taxation and The Tax Executives Institute.
Ms. Agbayani focuses her practice on tax controversy, voluntary disclosures, global wealth management, and transfer pricing. She advises individual and corporate clients on a variety of substantive and procedural matters during examination and administrative audits before the Internal Revenue Service and assists in contesting disputes in court. Ms. Agbayani also provides pro bono advice to many pro bono clients including the American University Washington College of Law Janet R. Spragens Federal Tax Clinic and D.C. Tax Legal Assistance, American Bar Association Military Pro Bono Project.
Kathleen Agbayani is of counsel in the North American Tax Practice Group. She joined Baker & McKenzie’s Washington, DC office …
Print and review course materials
Method of Presentation:
Experience in Tax Laws
NASBA Field of Study:
Taxes - Technical
NY Category of CLE Credit:
Areas of Professional Practice
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