Learn all about FBAR and expand services to your clients with confidence. Maybe even land Pope Leo XIV as a new client since his Holiness probably has to file FinCEN Form 114 for the Vatican Bank’s accounts. Understand your own compliance risks and what to do if you are not compliant. This is the FBAR webinar to attend.
Navigating Foreign Accounts & FBAR: Avoiding Traps That Lead to Costly Penalties
Date: Wednesday, June 11, 2025 | Time: 11 AM ET | Duration: 100 mins | Credits: 2 IRS CPEs
Register here and use Code “VIR20” for a discount
FBAR compliance is too often viewed as a straightforward exercise. Real-world complexities, however, challenge even experienced practitioners. There are so many nuances that must not be missed. I am sure Pope Leo’s tax advisors are already looking into possible FBAR issues.
Do entity-owned accounts trigger personal filing obligations? How do community property laws affect reporting for married taxpayers? What about foreign pensions, foreign social security, investment accounts, and cases with signature authority over financial accounts? The devil is in the details and the rules can be deceptively intricate, resulting in errors that can lead to costly penalties. My webinar will give you a deep dive into all aspects of FBAR filing, from the fundamentals to the tricky situations that often leave professionals feeling uncertain. Whether you’re advising clients with international financial interests or ensuring your own compliance, this session will equip you with the clarity and confidence needed to navigate FBAR requirements effectively.
My webinar will also review the latest cases that distinguish between whether the taxpayer with unreported foreign financial accounts acted willfully or non-willfully, the linchpin for penalty assessments. Understanding the different real-life facts and what to watch for is essential in handling your case. Since the US Supreme Court’s decision in the Bittner case, FBAR penalties are on the IRS radar. Tax pro’s have concerns that the IRS may attempt to classify noncompliance more frequently as “willful” in order to collect increased penalty amounts.
Session Highlights
- FBAR Basics & Filing Requirements – Who must file, what qualifies as a reportable account, and key deadlines.
- Common Traps & Costly Mistakes – Avoid penalties by understanding common filing errors and how to correct them.
- Entity-Owned accounts – When do business accounts trigger a personal FBAR obligation? Learn how ownership structures impact filing.
- Community Property & Joint accounts – How do marital property laws in different jurisdictions affect FBAR reporting for spouses?
- Signature Authority & Power of Attorney Issues – Do you need to file if you have control but no financial interest?
- Foreign Pension & investment accounts – Discover what must be reported and how these differ from standard bank accounts and foreign social security programs.
- Overlap with Form 8938 & Other Filings – Clarifying FBAR vs. FATCA reporting to ensure full compliance.
- Voluntary Disclosure & Penalty Relief – Don’t panic. There are strategies for late filings or unreported accounts.
- When FBAR penalties are assessed, learn how one can try get them abated.
- Understand how to use the treaty tie-breaker rules properly so that the individual need not file FBAR and has a valid escape hatch.
- Understand the current IRS procedures for regaining FBAR compliance, and correcting for delinquent or improperly completed FBARs.
- Learn how to critically analyze real-world cases to assist in determining if the violation was “willful” or “non-willful” and whether criminal elements may be present in the fact pattern
- Learn whether FBAR penalties can be assessed against a taxpayer’s estate if they were not assessed when the taxpayer was still alive and how to possibly address this situation.
See you there!
Register here and use Code “VIR20″
Posted June 4, 2025
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