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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).

8/17/2017
When: Thursday, August 17, 2017
11:00:00 AM - 1:00:00 PM
Where: Webcast
SURGENT
FOR2-2017-01-WEBNR-229-01
United States
Presenter: Mike Tucker, Ph.D., LL.M., J.D., CPA
Contact: April Deneault
801-466-8022


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Description:

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.

Subjects:

  • New filing date for FinCen Form 114
  • Individuals required to file FinCen Form 114
  • Reporting thresholds for FinCen Form 114
  • 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

Objectives:

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

Design For:

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

CPE Credit:
2 hours

Price:
$89

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