Overview:
In the foreign information reporting context, arguably no form creates as much consternation in the context of penalty exposure as the Foreign Bank Account Report (better known as the FBAR). Statutorily, willful failures to file FBARs create massive penalty exposure: the greater of $100,000 or 50% of the balance of unreported accounts for the year in question (with a six-year civil statute of limitations). In the FBAR penalty context, the primary focus is typically given to the interpretation of the "willful" standard - and how it connects to maximum penalty exposure.
This webinar will delve into the critical topic of FBAR (Report of Foreign Bank and Financial Accounts) compliance, focusing on the implications of willful non-compliance. Participants will gain an understanding of the legal framework surrounding FBAR requirements, the concept of willfulness, and how intent impacts penalties and enforcement actions. Real-world examples and case studies will illustrate the consequences of willful violations and strategies to mitigate risk and defend against allegations.
Areas Covered in this Training:
· Summarize the FBAR reporting requirements - both direct and indirect
· Understand the purpose of FBAR requirements and the distinction between willful and non-willful violations.
· Evaluate applicable penalties (willful and non-willful) and detail case law interpretations of the willful standard to date
· Identify Internal Revenue Manual limitations to both willful and non-willful penalty assessment, as well as proactive disclosure options where prior reporting failures have occurred
· Learn about the penalties associated with willful non-compliance and their financial and legal implications.
· Gain insight into how courts determine willfulness and the evidentiary standards used.
· Explore practical strategies for maintaining compliance, rectifying past errors, and defending against enforcement actions.
Why Attend this Training?
If you or your clients have foreign financial accounts, staying compliant with FBAR regulations is crucial to avoid severe penalties. This webinar provides actionable knowledge to safeguard yourself or your clients against allegations of willful non-compliance. Tax professionals, CPAs, attorneys, and individuals with foreign accounts will benefit from expert guidance on navigating the complexities of FBAR. With increased IRS scrutiny on offshore assets, understanding the nuances of willfulness is more critical than ever for risk mitigation and legal defense.
Suggested Attendees:
· CPA - small firm
· CPA - medium firm
· CPA - large firm
· Enrolled Agent
· Tax professionals
· Attorneys
· Tax Attorneys
· Individuals with Foreign Accounts
Patrick J. McCormick
Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.
Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.
Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.
Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.
NASBA -
StandEagle is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org.
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