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Overview:

In the foreign information reporting context, arguably no form creates as much consternation in the context of penalty exposure as the Foreign Bank Account Report (better known as the FBAR). Statutorily, willful failures to file FBARs create massive penalty exposure: the greater of $100,000 or 50% of the balance of unreported accounts for the year in question (with a six-year civil statute of limitations). In the FBAR penalty context, the primary focus is typically given to the interpretation of the "willful" standard - and how it connects to maximum penalty exposure.

This webinar will delve into the critical topic of FBAR (Report of Foreign Bank and Financial Accounts) compliance, focusing on the implications of willful non-compliance. Participants will gain an understanding of the legal framework surrounding FBAR requirements, the concept of willfulness, and how intent impacts penalties and enforcement actions. Real-world examples and case studies will illustrate the consequences of willful violations and strategies to mitigate risk and defend against allegations.

Areas Covered in this Training:

· Summarize the FBAR reporting requirements - both direct and indirect
· Understand the purpose of FBAR requirements and the distinction between willful and non-willful violations.
· Evaluate applicable penalties (willful and non-willful) and detail case law interpretations of the willful standard to date
· Identify Internal Revenue Manual limitations to both willful and non-willful penalty assessment, as well as proactive disclosure options where prior reporting failures have occurred
· Learn about the penalties associated with willful non-compliance and their financial and legal implications.
· Gain insight into how courts determine willfulness and the evidentiary standards used.
· Explore practical strategies for maintaining compliance, rectifying past errors, and defending against enforcement actions.

Why Attend this Training?

If you or your clients have foreign financial accounts, staying compliant with FBAR regulations is crucial to avoid severe penalties. This webinar provides actionable knowledge to safeguard yourself or your clients against allegations of willful non-compliance. Tax professionals, CPAs, attorneys, and individuals with foreign accounts will benefit from expert guidance on navigating the complexities of FBAR. With increased IRS scrutiny on offshore assets, understanding the nuances of willfulness is more critical than ever for risk mitigation and legal defense.

Suggested Attendees:

· CPA - small firm
· CPA - medium firm
· CPA - large firm
· Enrolled Agent
· Tax professionals
· Attorneys
· Tax Attorneys
· Individuals with Foreign Accounts

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