Report of Foreign Bank and Financial Accounts: Preparing for 2011 Filings
Tax Partner Kevin Packman will participate in a Strafford Publications, Inc., webinar titled "Report of Foreign Bank and Financial Accounts: Preparing for 2011 Filings."
Changes affecting U.S. taxpayers' filing of the revised Foreign Bank and Financial Accounts Report (FBAR) Form TD F 90.22-1 continue. In recent months, the Treasury Department's FinCEN published final FBAR regulations, and the IRS made a second FBAR voluntary disclosure offer. FBAR is due by June 30, while August 31 is the deadline to gauge the merits of the voluntary disclosure deal. In the meantime, taxpayers and advisors continue to evaluate Williams v. U.S., a September 2010 federal court decision on FBAR non-filing penalties. Many taxpayers and advisors must also file the closely parallel Section 6038D informational return under the Foreign Account Tax Compliance Act (FATCA). Panelists will discuss the final regulations and rulings involving FBAR, the latest VDA and lessons learned to date from filing the revised form, as well as prepare participants for filing FBAR and the 6038D return.