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Report of Foreign Bank and Financial Accounts (FOR2)
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If a client has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require that taxpayer to report the account yearly to the Department of Treasury. This is done by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). This program

6/26/2015
When: 6/26/2015
11:00 AM - 1:00 PM
Where: Webcast/Webinar
Presenter: Mike Tucker, Ph.D., LL.M., J.D., CPA | Shannon Retzke
Contact: April Deneault
801-834-6634

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If a client has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require that taxpayer to report the account yearly to the Department of Treasury. This is done by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). This program discusses all aspects of FBAR reporting, including delinquent reporting issues and the Offshore Voluntary Disclosure Program.

Objectives:

* Ability to complete FinCen Form 114 * Be able to advise clients with respect to foreign bank and financial asset  required reporting

 

Major Subjects: 

* Individuals required to file FinCen Form 114 * Reporting thresholds for FinCen Form 114 * Filing deferral for certain individuals with signature authority only, effective through June 30, 2016 * Penalties for failure to file a required FinCen Form 114 * Offshore Voluntary Disclosure Program * Delinquent FBAR Submission Procedures * Other foreign activity reporting including foreign trusts, partnerships interests, and investments in foreign corporations


Designed For:

Tax professionals advising clients with respect to foreign asset and foreign account reporting

Prerequisite: Basic understanding of individual income tax rules

Advanced Prep: None

 

Speaker: Mike Tucker, Ph.D., LL.M., J.D., CPA | Shannon Retzke

Vendor: Surgent McCoy

Field of Study: Taxes (2)

Level: Intermediate

CPE Credit: 2 Hours

Acronym: FOR2

 

Registration Fees: $89

  

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