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Avoiding Common FBAR Errors: Missed Accounts, Failure to File, Amending Returns, Delinquent Submission Procedures

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, August 8, 2023

Recorded event now available

or call 1-800-926-7926

This webinar will address common FBAR reporting errors and discuss how to remedy and avoid these. Our panel of tax controversy experts will identify accounts that must be included on the FBAR but are often overlooked and point out misunderstandings surrounding reporting thresholds and filing requirements. Finally, they will offer advice on correcting prior errors and circumventing mistakes on future returns.

Description

There are many reasons taxpayers fail to file an FBAR. They may have no income tax return filing requirement or be a U.S. citizen living abroad and believe their situation negates an FBAR filing requirement. They could have children who are minors and not realize they, too, have an FBAR filing obligation.

Perhaps a tax practitioner filed an FBAR only to discover a taxpayer has an additional reportable foreign retirement account or cash surrender value in a life insurance policy that was omitted. What is certain is the significant penalties charged for these foot faults--$10,000 per form per year and up to 50 percent of the account value if the failure to report is willful.

There are pathways to remedy these missteps. An FBAR can be amended and filed electronically. If the FBAR was not originally filed, nonfilers could take advantage of delinquent submission procedures and streamlined reporting procedures to resolve past noncompliance. Knowing the most appropriate course of action, given the individual's circumstances, is key. Of course, the best practice is to avoid these missteps initially. Tax advisers working with multinational taxpayers need to thoroughly understand the FBAR filing requirements and how to prevent common reporting errors.

Listen as our panel of international tax matters experts divulges best practices to prevent the most frequently made FBAR reporting errors.

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Outline

  1. Avoiding FBAR reporting errors: introduction
  2. Penalties
  3. Reporting errors
    1. Failure to file
      1. Living abroad
      2. Minors
      3. Missed deadlines
    2. Failure to report required accounts
      1. Retirement accounts
      2. Life insurance
      3. Signature authority
  4. Remedies
    1. Willful vs. nonwillful
    2. Amending the FBAR
    3. Quiet disclosures
    4. Delinquent submission procedures
    5. Voluntary disclosures
    6. Streamlined reporting
  5. Examinations and litigation
  6. Best practices to avoid reporting errors

Benefits

The panel will cover these and other critical issues:

  • Identifying common FBAR reporting errors
  • The FBAR reporting requirements for minors, life insurance, and retirement accounts
  • Differences in FATCA and FBAR reporting thresholds
  • Correcting past noncompliance and errors on previously filed submissions
  • Dealing with FBAR examinations and litigation
  • Best practices for avoiding FBAR reporting mistakes

Faculty

Noff, Eli
Eli S. Noff, Esq., CPA
Partner
Frost Law

Mr. Noff utilizes his background as a CPA and attorney to vigorously defend clients before the IRS and state taxing...  |  Read More

Wu, Joshua
Joshua Wu
Counsel
Latham & Watkins

Mr. Wu, former Deputy Assistant Attorney General (DAAG) for Appellate and Review in the Tax Division of the US...  |  Read More

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