Latest FBAR Voluntary Disclosure and Impending FATCA Reporting Duties

Offshore Tax Compliance Chair Kevin Packman will speak at the Latest FBAR Voluntary Disclosure and Impending FATCA Reporting Duties Teleconference on a panel titled "Analyzing Pros and Cons of the IRS Offer; Data to Include on Form 8938."

Advisors and taxpayers affected by the revised Report of Foreign Bank and Financial Accounts (FBAR) have new developments to analyze, starting with the latest IRS offshore voluntary disclosure initiative (OVDI). With maximum penalties increased and no current expiration date, terms of the deal must be mastered.

Meanwhile, calendar-year taxpayers should prepare for first filings of Form 8938, a.k.a. the Foreign Account Tax Compliance Act (FATCA) information report on funds in overseas accounts and other foreign financial assets. Issuance of Form 8938 and Sect. 6038D administrative rules (T.D. 9567) give much to consider.

Given those developments, new IRS guidance for U.S. citizens and dual residents abroad, controversy over FBAR's applicability to Canadian and Swiss banks, and the cost of potential FBAR-related civil penalties, tax professionals must familiarize themselves with the OVDI, FATCA rules and other recent events.

Mr. Packman and a panel of seasoned tax advisors will explore pros and cons of the voluntary disclosure offer, FATCA report requirements and impact of related developments.