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UPDATED FBAR AND FATCA OBLIGATIONS FOR INDIVIDUALS AND ENTITIES

Cost $18.75
Presentation Length 1.5 hours

Recorded DateApril 24, 2019
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

For much of the past decade, the Internal Revenue Service has focused significant attention on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the FBAR (Report of Foreign Bank and Financial Accounts) form. The FBAR rules require taxpayers to annually report whether they have a financial interest in, or signature or other authority over, foreign bank accounts, and impose substantial civil and criminal penalties for failing to do so. In addition, the Foreign Account Tax Compliance Act (FATCA) now requires individuals and certain entities to annually disclose specified foreign financial assets on Form 8938. The information reporting requirements of FATCA also require foreign banks and financial institutions to annually disclose to the IRS information about their U.S. customers.The IRS now has access to far more information regarding the offshore activities of U.S. taxpayers than ever, and non-compliant U.S. taxpayers face significant risks.  
 
Webinar attendees will review the FBAR reporting regime for foreign bank accounts, explore the relatively new FATCA foreign asset reporting rules, learn of IRS enforcement efforts in this area, and study options for curing non-compliance.

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Matthew D. Lee is a partner at the law firm of Fox Rothschild LLP in Philadelphia.  He is co-chair of the firm's White-Collar Criminal Defense & Regulatory Compliance practice group and maintains an extensive tax controversy practice.  Mr. Lee regularly represents individuals and businesses in criminal and civil tax matters, including criminal tax investigations, prosecutions, and proceedings before the Internal Revenue Service, such as audits, appeals, and collection matters.

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Jeffrey M. Rosenfeld

Blank Rome LLP
Associate Tax Attorney
rosenfeld@blankrome.com
(215) 569-5752

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Jeffrey Rosenfeld concentrates his practice in the area of business tax law. He counsels public and private corporations, partnerships, and individuals in a broad array of tax matters including:

  • domestic and international tax matters
  • state and local tax planning
  • tax-efficient structuring of domestic and international mergers, acquisitions, divestitures, reorganizations, spin-offs, redemptions, and liquidations
  • formation, operation, and acquisition of Subchapter S Corporations, partnerships, and limited liability companies
  • federal, state, and local criminal and civil tax controversies, including audits, administrative appeals, and litigation
  • issuances of equity-based compensation
Jeffrey counsels corporate clients and individuals regarding undeclared foreign bank accounts, including “FBAR” reporting obligations, and has represented numerous clients in the Internal Revenue Service’s Offshore Voluntary Disclosure Program.
Jeffrey also has digital currencies industry experience, including:
  • Formation of entities to be engaged in the digital currencies space
  • Negotiation, drafting and documentation of governing documents (such as limited liability company agreement) for entities engaged in the digital currencies space
  • Compensation and other issues concerning the issuance of digital currencies or the grant of digital currencies to service providers
  • Federal income tax consequences associated with the purchase, sale or exchange of digital currencies

About Our Presenter

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Fox Rothschild LLP is a national law firm with more than 950 attorneys in 27 locations across the United States serving businesses of all sizes as well as individuals. Clients come to Fox because our attorneys understand their issues, their priorities, and the way they think. At Fox, our attorneys care about your success as much as you do.