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For U.S. citizens and Green Card holders living outside of the U.S., there is more to worry about than simply filing your tax return. With the implementation of FATCA and the intergovernmental agreements, U.S. filers have had their foreign investments exposed. The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938. This course will discuss the proper reporting of FBARs, FATCA regulations, and other tax filer issues with international investments.
This webinar will be an introduction to the FBAR and the FBAR filing requirements established by the Financial Crimes Enforcement Network (FinCen). Not only will participants leave with an understanding of what the FBAR is but they will know when their client is required to file. There will also be an overview of the BSA e-filing system that is used to submit the FBAR because the form is not filed with the tax return.
· Why the FBAR is filed.
· What the Financial Crimes Enforcement Network (FinCen) is
· Who must file the FBAR.
· How to File the FBAR.
· What the BSA E-filing system is.
· When to file the FBAR.
· Filing an FBAR late.
· Potential FBAR penalties.
After the end of this event, participants will have an understanding of when a taxpayer is required to file FBAR. Participants will also understand what records should be kept that need to be reported on the FBAR, and how to help clients who need to file delinquent FBAR forms. When the FBAR is not filed timely there are penalties associated with that. Participants will learn what those penalties are and how to avoid them.
· Tax professionals wanting to learn how to help clients with foreign assets stay in compliance
· Taxpayers that have bank and investment accounts that are not US based
· Attorneys
· Accountants
· CPA's
· Tax Attorneys
· Tax Compliance Managers
· Tax Compliance Officers
· Enrolled Agents
· Finance professional
· Other Tax Professionals
Timalyn S. Bowens, EA, is an IRS-licensed enrolled agent who has been working in the tax industry for 11 years. She started Bowens Tax & Bookkeeping Solutions in 2016, helping small businesses keep their records straight and compliant with the IRS.
After becoming an enrolled agent in 2018, she began to fully help her clients negotiate with the IRS and represent them in audits. In 2021, her company became Bowens Tax Solutions as their primary focus is now to represent taxpayers before the IRS.
Timalyn is a member of the National Association of Enrolled Agents (NAEA) and the American Society of Tax Problem Solvers (ASTPS). She will be a speaker at an NAEA event later this year to train other tax professionals on a representation topic. She was also a speaker at the Tax and Accounting Summit of 2021.
In addition, Timalyn is a member of the Bellarmine University Alumni Board of Directors, where she serves on the mentor committee. She is also a Bellarmine University Alumni Ambassador, helping prospective students learn more about the university.
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