CPAacademy.org | LEGAL ISSUES WHEN FILING DELINQUENT FBARS AND

Content Provider

LEGAL ISSUES WHEN FILING DELINQUENT FBARS AND INTERNATIONAL INFORMATION RETURNS

This webinar is now 1.5 hours. It was previously presented as a 1 hour course.

Cost Free

CPE Credits 1.5 hours

Subject Area 1.5 - Business Law

CE Credits 0.0 hours

Course Level Basic

Instructional Method Group Internet Based

Prerequisites None

Advanced Preparation None

Who Should Attend CFO / Controller
CPA - small firm
CPA - medium firm
CPA - large firm

Series: CFOs and Controllers, International Focus, Women in Accounting

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.

Ruth Mattson

VACOVEC, MAYOTTE & SINGER, LLP
Principal
rmattson@vacovec.com
(617) 831-2456

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.

Additional Materials

U.S. Requirements

Webinar Technical FAQs

Frequently Asked Questions

To receive CPE credit, you must register for the webinar before it starts.
CPE is available to all eligible participants within 24 hours of each webinar.
To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.

Handout Materials

Presentation Slides

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

Estate planning is a serious matter encompassing many areas that affect our lives and the lives of the generations that follow. To ensure that your estate plan accomplishes your goals, both now and in the future, it is critical that you choose a law firm with experience in the practice of trusts and estates law, a thorough knowledge of all aspects of estate planning, a strong reputation, and the longevity to be there for not only you but also the next generation. These attributes come from years of solid practice in the trusts and estates field, a commitment to education, and strong relationships with clients. Our firm was established in Boston over thirty years ago. Since that time, Bove & Langa has earned a reputation as one of the most respected trusts and estates law firms in the Northeast, with both national and international recognition. At Bove & Langa, we pride ourselves on being an active, successful practice centered on domestic and international estate planning, asset protection planning, trust and estate administration, probate, and the preparation of estate and gift tax returns.