Live Webinar Featuring Asher Rubinstein: FBAR, US Reporting and IRS Compliance for Offshore Assets

Asher Rubinstein will be a featured speaker in an upcoming Strafford live webinar, “FBAR and U.S. Tax Reporting and Compliance Requirements for Foreign Assets” scheduled for Tuesday, June 20, 2017 at 1pm EST.  We have a limited number of complimentary registrations for clients and friends of the firm.

The IRS has made modifications over the past several years to the programs that allow for late reporting of previously undisclosed offshore assets.  At the same time, the IRS continually reaffirms its commitment to cracking down on U.S. taxpayers failing to disclose foreign assets. Taxpayers and their advisers must act quickly to take advantage of the benefits of a pre-emptive disclosure, before the IRS learns of the foreign asset from a foreign financial institution, a foreign banker, FATCA (Foreign Account Tax Compliance Act) report, tax treaty with a foreign government or alternative means of discovery.

The two most significant programs aiding taxpayers with unreported foreign assets are the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Procedures for domestic (SDOP) and foreign (SFOP) residents.  Taxpayers may benefit from substantially reduced or no penalties for failure to report offshore accounts and assets.  However, taxpayers and their advisors must be aware of the risks in each of the programs.  The penalties imposed upon taxpayers who willfully fail to disclose offshore assets are extremely punitive.

Taxpayers and their advisers must evaluate whether a disclosure program will help a taxpayer avoid increased IRS penalties, and whether the taxpayer is eligible to enter one of the programs.  Eligibility is very fact-specific.  If eligible, counsel must guide the taxpayer in meeting the very specific information requirements of the disclosure program.  The OVDP, SDOP and SFOP may end at any time without notice, at which point the taxpayer may face the full measure of penalties (including criminal consequences).

The Webinar panel will provide taxpayers, legal counsel and tax advisers with the tools necessary to navigate the new rules regarding the FBAR and offshore voluntary disclosure programs.

We will review these and other key issues:

After our presentations, we will engage in a live question and answer session with participants so we can answer your questions about these important issues directly.

For more information about this Webinar, please visit the Webinar program description.

Contact us with any questions about this Webinar or other offshore reporting and IRS compliance issues.

 

Upcoming Webinar: FBAR / US Tax Reporting and Compliance for Foreign Assets

On September 29, 2016, Asher Rubinstein will be the featured speaker in a live webinar, FBAR and U.S. Tax Reporting and Compliance Requirements for Foreign Assets.

Since the Foreign Account Tax Compliance Act (FATCA) was passed in 2010, most countries around the world will report foreign accounts to the IRS.  American taxpayers who do not report foreign assets and income to the IRS (whether innocently or willfully) can be investigated and charged with significant penalties.  In this webinar, you’ll learn about foreign reporting requirements and how to comply with the law and avoid penalties.  Upon completion of this course, you will be able to:

  • Identify what foreign assets must be reported to the IRS and what forms must be filed.
  • Determine whether a client is non-compliant under the following circumstances:
    • If a client did not report foreign assets and income to the IRS.
    • If a client just closes his or her foreign bank account.
    • If the client innocently did not know about the foreign reporting requirements.
    • Is the client inherited foreign assets from a relative who is not American.
    • If the client lives and works in a foreign country.
  • Explain how the IRS could learn about foreign assets if the client doesn’t report them.
  • Describe whether a client who paid tax to a foreign government still has to report the assets to the IRS.
  • Determine whether foreign real estate has to be reported to the IRS.
  • Recognize how to respond when a client receives a letter from their foreign bank.
  • Avoid penalties for not reporting offshore assets.

For more information or to enroll, please see here.

 

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