Purchase any WEBINAR and get
10% Off
CODE: SAVE10
T&C applicable, please referFAQ
Validity : 11th Apr'24 to 21st Apr'24
Comparision of FBAR & FATCA including April 2017 Filing Dates
Due Diligence of Return Preparer
- What are the similarities of FBAR and FATCA?
- What are the differences in FBAR and FATCA forms?
- What are the differences in FBAR and FATCA filing requirements?
FBAR
- Determine who must file the FBAR.
- Determine who is exempt from the FBAR filing requirements.
- Determine the FBAR filing requirements.
- What is a “financial interests?”
- What are defined as “Foreign Bank Accounts and Financial Accounts?”
- What form number is required?
- What is the 2016/2017 filing date?
- Understand the civil and criminal penalties that may be applicable for ?noncompliance with the FBAR filing requirements
FATCA
- What is the definition of “foreign assets?”
- What is the filing requirement thresholds?
- What is the difference in the filing thresholds for “US Persons” who live inside the ?US and those who live in foreign countries?
- What form number is required?
- What is the 2016/2017 filing date?
- What are the civil penalties for failure to file?
Overview of the webinar
There are similarities, but also very different filing requirement thresholds and definitions of applicable assets for each of these forms:
- FBAR Form FinCEN Form 114, Report of Foreign Bank and Financial Accounts (formerly TD F 90-22.1)
- FATCA Form 8938, which discloses specified foreign financial assets
AND, beginning in 2016, there are new filing dates:
- Fincen Form 114 (the electronic FBAR) is now changed from June 30 to April 15. For the first time, taxpayers who must file this form will be allowed a six-month extension of time to file.
- For partnership returns- the new due date is March 15 (for calendar year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal year partnerships).
- For corporation returns- the new due date is the 15th day of the fourth month following the close of the corporation’s tax year.
Who should attend?
- CPA, EA, Attorney & Staff
- Any Officer/Manager/Employee responsible for bank account maintenance, CEO, CFO
- Tax Dept Management/Employee responsible for filing Federal forms
Why should you attend?
In April 2003, the Financial Crimes and Enforcement Network (FinCEN) delegated enforcement authority of FBAR to the IRS; therefore the IRS is now responsible for:
- Enforcing filing requirements
- Investigating possible civil violations
- Assessing and collecting civil penalties
- Issuing administrative rulings
Foreign Account Tax Compliance Act (FATCA), which was included as part of the HIRE Act of 2010, was enacted by Congress to target non-compliance by U.S. taxpayers using foreign accounts “While elements of the legislation have been in effect since 2011, the main elements of FATCA reporting began in 2015 and will continue to unfold over the next few years.” Douglas W. O’Donnell, Commissioner of the Large and Midsize Division of IRS.
DANGER: Many FBAR/FATCA non-filings start with the failure of the return preparer to properly question the client regarding Form 1040, Schedule B, Question 7a: “At any time during 2016, did you have a financial interest in or signature authority over a financial account in a foreign country?”
Faculty - Ms.Greta Hicks
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems.
She is the author of "IRS Examination and Appeals Procedures" as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.
Greta has been active in the Texas Society of CPAs for 40 years and has served on the IRS Relations Committee, on the Editorial Board of the TSCPAs and was the Tax Editor of Today's CPA. Her activities for the Houston Chapter of CPAs included Coordinator of Houston's IRS/Practitioner Study Group, Relations with Taxing Entities Committee, Teaching Taxes Committee, plus the Spring EXPO and Tax EXPO Committees.