Foreign Bank Account Reporting and Enforcement Update: The New FBAR Regulations and the Internal Revenue Service's 2011 Offshore Voluntary Disclosure Initiative
New York, NY and Voorhees, NJ
June 14th 2011 and June 15th 2011
FBAR Resources Website: www.BlankRome.com/FBAR
The June 30 FBAR Deadline Is Fast Approaching
The annual reporting deadline for the Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (commonly known as the “FBAR”) is June 30, 2011. All U.S. taxpayers with a financial interest in, or signature or other authority over, a foreign bank account are required to file the FBAR form annually, and significant criminal and civil penalties can be imposed for the failure to do so. The Treasury Department recently announced new regulations governing foreign bank account reporting which are effective for FBARs due to be filed by the June 30 deadline. Earlier this year, the Internal Revenue Service unveiled its 2011 Offshore Voluntary Disclosure Initiative, a long-awaited second amnesty program designed to encourage U.S. taxpayers with undisclosed foreign bank accounts to come into compliance with U.S. tax laws and avoid possible criminal prosecution. The deadline for participation in this amnesty program is August 31, 2011. Meanwhile, the IRS and Justice Department continue their global enforcement campaign against foreign banks and tax haven jurisdictions that are believed to facilitate international tax evasion by U.S. taxpayers with secret bank accounts.
Matthew D. Lee, Partner in Blank Rome LLP's White Collar Defense & Investigations practice, Ryan Dudley, Director of International Tax, Friedman LLP, and Jennifer Bell of Blank Rome's Business Tax Practice Group will provide an update on foreign bank account reporting and enforcement, including the new FBAR regulations, the 2011 IRS amnesty program, and the U.S. government's high profile enforcement efforts in this area.
Who should attend: Accountants, tax attorneys, estate and financial planners, chief financial officers and corporate tax professionals, investment advisors.
Approved for 1 CPE credit in the area of specialized knowledge in NJ and NY and 1 CLE credit in NJ, DE, PA, and NY
June 14, 2011 • New York, NY:
June 15, 2011 • Voorhees, NJ
To register for this complimentary seminar, click here.