Foreign Bank Account Reporting (FBAR) remains one of the most complex and misunderstood international tax compliance requirements facing U.S. taxpayers and the professionals who advise them. Failure to properly disclose foreign financial accounts can result in severe civil and criminal penalties, making a clear understanding of FBAR filing obligations essential for individuals with international financial interests.
This webinar is designed to provide tax professionals with a practical understanding of FBAR compliance, reporting requirements, and the legal framework governing foreign financial account disclosures. Participants will learn who is required to file an FBAR, how reportable foreign financial accounts are identified, and how to avoid common compliance mistakes that frequently lead to IRS enforcement actions.
The session will also explore the differences between willful and non-willful violations, IRS penalty structures, Streamlined Filing Compliance Procedures, Delinquent FBAR Submission Procedures, FATCA-related reporting considerations, and practical strategies for correcting prior non-compliance.
Through practical examples, real-world case studies, and compliance-focused instruction, attendees will strengthen their understanding of international information reporting obligations while improving their ability to advise clients on cross-border tax compliance and foreign asset reporting.
IRS CPE Credits: 2.0 TAX
Location: Virtual / Online
Delivery Method: Group Internet-Based
IRS Course ID: DFFSC
Attendance Requirement: Yes
Session Duration: 120 Minutes
Includes: Case Studies, Practical Examples, and Live Q&A with the Presenter
Reference Materials: PowerPoint Presentation Included
Overview of Foreign Bank Account Reporting (FBAR) requirements
Understanding the legal purpose and scope of FBAR compliance
Determining who qualifies as a U.S. Person for FBAR filing purposes
Understanding the $10,000 aggregate account balance reporting threshold
Calculating aggregate maximum account balances correctly
Identifying reportable foreign financial accounts
Understanding reporting requirements for:
Foreign financial assets that commonly create reporting confusion
Distinguishing reportable versus non-reportable foreign assets
Understanding the relationship between FBAR and FATCA reporting
Common FBAR filing mistakes and compliance risks
Willful versus non-willful FBAR violations
IRS penalty structures for FBAR non-compliance
Civil and criminal consequences of reporting failures
How the IRS detects undisclosed foreign accounts through international information sharing
Overview of:
Correcting prior-year FBAR filing errors
Documentation and recordkeeping best practices
Managing international tax compliance risks
Practical case studies involving foreign account reporting
Strategies for reducing exposure to FBAR penalties and IRS enforcement actions
Certified Public Accountants (CPAs)
Enrolled Agents (EAs)
Tax Attorneys
International Tax Professionals
Tax Preparers and Tax Advisors
Bookkeepers and Accounting Professionals
Business Owners with Foreign Financial Interests
Tax Managers and Compliance Professionals
Financial Advisors serving international clients
Professionals advising expatriates, dual citizens, and resident aliens
Anyone seeking practical guidance on FBAR reporting and international tax compliance