In 2008, the Department of the Treasury began an aggressive enforcement program aimed at collecting taxes on offshore accounts. Legislation, such as the Foreign Account Tax Compliance Act (FATCA), has further expanded the Treasury's ability to collect information for the purposes of levying penalties and collecting unpaid taxes. During this period of enhanced enforcement, U.S. taxpayers, foreign bankers, and foreign banks have all been prosecuted - and those that have escaped prosecution have often been assessed heavy financial penalties.
While enforcement efforts have been amplified, the Treasury has also offered various voluntary disclosure programs to encourage self-reporting. The latest such initiative offers taxpayers the ability correct omitted returns and income reporting for foreign financial assets. FBAR and Offshore Tax Compliance Issues, will cover the latest self-reporting initiatives, guidance on imposing FBAR penalties, the Treasury's enforcement efforts, compliance requirements for foreign accounts, and much more.
Upon successful completion of this course, participants will be able to:
- Identify the requirements for filing and the penalties associated with inappropriate filing of FBARs.
- Identify the purpose and timing related to FATCA.
- Cite the various forms related to foreign account activity and the various requirements for filing them.
- Identify the components and requirements for filing under the 2012 Offshore Voluntary Disclosure Program (OVDP).
- Identify the components and requirements for filing under the streamlined 2014 procedures.
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