New Calendar View!
Content Provider
Vms logo

Middle genwhy sharefile
Legalissues bovelanga

LEGAL ISSUES WHEN FILING DELINQUENT FBARS AND INTERNATIONAL INFORMATION RETURNS

Cost Free
CPE Credits 1.0 hour
Subject Area Business Law
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Taxpayers who have failed to file FBARs and other international information returns can face serious criminal and civil penalties. Inevitably, legal issues will surface when a taxpayer attempts to become compliant. Professional advisors may ask, “Should we have a Kovel letter?” or “Did the taxpayer have reasonable cause?” If a reasonable cause statement is appropriate, who should write it?

There are several procedural options for delinquent taxpayers with foreign accounts to become compliant, including the Offshore Voluntary Disclosure Program, the Streamlined Filing Procedure, and more recently, the Delinquent International Information Return Submission Procedures and the Delinquent FBAR Submission Procedures. Each option has different requirements and penalties.

This course will review each procedure currently available to taxpayers, focusing on identifying which procedure is appropriate for a particular client, spotting legal questions and issues as they arise, and considering whether and when to involve an attorney.

Learning Objectives

  • Benefits and limitations of Kovel letters, and how to use them.

  • Learn the legal standards used in reporting procedures.

  • Identify legal issues and when to involve an attorney.

Linkedin
Vms logo

Ruth helps clients implement comprehensive plans that meet their personal, family, and professional goals. As part of her estate planning practice, Ruth focuses on international planning, including planning for overseas assets, forming offshore asset protection trusts, planning for a spouse who is not a U.S. citizen, and helping U.S. beneficiaries plan to receive gifts and inheritances from abroad. For clients with unreported foreign assets, Ruth coordinates with accountants to help bring the clients into compliance with their FBAR and other reporting requirements. Additionally, Ruth advises trustees and Personal Representatives with the administration of trusts and estates, including local and multinational trusts and estates.

Handout Materials
Presentation Slides
Additional Materials
U.S. Requirements
Webinar FAQs
Frequently Asked Questions
  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • Multiple attendees: In order to receive CPE for multiple attendees, ensure that at least one person signs up for the webinar. At the completion of the webinar a proctor form is provided. Alternatively, you may also login to your account following the webinar and click on the MY ACCOUNT button where you will find a link to the proctor letter.
Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Vms logo
Vacovec, Mayotte & Singer, LLP is a law firm distinguished for its concentration in tax law. Located just outside of Boston, Massachusetts, we provide a full range of tax and related legal services to clients throughout the United States and around the world. Our attorneys are experienced in solving complex tax planning, structuring and compliance issues using creative strategies and determined advocacy on behalf of our clients. Please contact us for more information about our services and our firm.