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Tax Experts Discuss Foreign Bank Account Report Developments and Overlapping FATCA Disclosure Requirements in New BNA Webinar
May 12, 2011 (05:05 PM EDT)


ARLINGTON, Va., May 12, 2011 /PRNewswire-USNewswire/ -- U.S. citizens, residents and certain defined entities that have a financial interest in or signature power over foreign financial accounts must file a Financial Bank Account Report (FBAR) if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. While this is not new, the Treasury Department recently published new final FBAR regulations, the IRS published a new FBAR form, followed with detailed instructions for answering questions relating to filing FBARs.  Overlapping foreign financial assets disclosure rules have also been recently published.  On May 17, in a special BNA Foreign Bank Account Report webinar, leading international tax experts Charles Bruce and Stanley Ruchelman will explain and explore these critical FBAR developments to a global audience.

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"The release of a revised FBAR form, closely following the publication of the Financial Crimes Enforcement Network regulations, reinforces the importance of this reporting requirement to IRS enforcement efforts in the international arena," says BNA Tax & Accounting International Tax Managing Editor Harold Pskowski.  "With the June 30 filing deadline fast approaching, attorneys and accountants who advise international clients should be familiar with the changes in the form, including who is required to report and the nature of the assets that must be reported."

In 90 minutes, Bruce and Ruchelman will cover:

FBAR Disclosure

  • Overview-What is FBAR? What are its underpinnings? Who administers it? Who enforces it? What is the information used for? What are the surrounding "realities"?
  • TD F 90-22.1 (New Foreign Bank Account Report; Mar. 2011). Strolling through the new final regulations. Who must file? U.S. person? Reportable accounts (not just bank and brokerage accounts)? What is a financial interest (not just owner of record or title holder; indirect ownership; trusts and estates)? Signature power or other authority? Special rules for publicly-traded companies? Spouses, co-signatories, marital property? Problem areas.
  • How to deal with delinquent and amended FBARs. Voluntary Disclosure Programs--insights.
  • Penalties - Hold on to your hat.
  • What's changed and what's noteworthy? Disregarded entities. Individuals doing business in U.S. but not an NRA. Short-duration accounts. Accounts in connection with transaction closings. Mutual funds. Insurance policies. Private hedge fund accounts. Accounts owned by grantor trust. Accounts owned by nongrantor trusts-situation for beneficiary. Implications if there is a trust protector.
  • Treatment of beneficiaries of wholly discretionary trust. Treatment of different fact situations involving ownership of gold-physical gold (bullion) and other forms.

FATCA Disclosure

  • New section 6038D (Information with respect to foreign financial assets). Introduction. How does this differ from FBAR reporting?
  • Status of IRS guidance.
  • How to comply.
  • Problem areas.

Upon completion of this program, participants will have the tools to:

  • Determine applicability of FBAR filing requirements
  • Advise how to complete FBAR form
  • Recognize problem areas
  • Determine applicability of new section 6038D FATCA disclosure rules

About the Speakers

Charles M. Bruce is partner in Moore & Bruce, LLP (Washington, DC) and Counsel in Bonnard Lawson (Lausanne Office). He specializes in international tax, corporate transactions and financings. He is known for his work in the private client areas of trusts and estates and tax compliance. Formerly Tax Counsel, U.S. Senate Committee on Finance; Adjunct Professor of Law, Graduate Law Program, Georgetown University Law Center; Visiting Professor, Institut fur Auslandisches und Internationales Finanz- und Steuerwesen (International Tax Institute), Hamburg University. Member of the American Bar Association, International Bar Association, International Fiscal Association (U.S. and UK Branches), the Society of Trust and Estate Practitioners, and the International Tax Planning Association. Mr. Bruce sits on the Board of Directors of a number of corporations and charitable foundations. He is General Counsel of a privately held investment company. He divides his time between Washington, DC and London.

Stanley C. Ruchelman is a member of The Ruchelman Law Firm. His practice concentrates on tax planning for cross border transactions. He has authored numerous monographs on international taxation for a variety of publications and treatises. In addition, Mr. Ruchelman is a frequent lecturer on this subject, having spoken at the Practicing Law Institute, New York University Tax Institute, the American Bar Association, the International Fiscal Association, and other organizations. He is active in the American Bar Association Section of Taxation. He served as Chair of the Committee on U.S. Activities of Foreign Taxpayers and Treaties and was the USA reporter for the Foreign Lawyers Forum. Mr. Ruchelman served on the National Council of the International Fiscal Association -- USA Branch.  He received his J.D. Degree with honors from The George Washington University Law School (1972) and his undergraduate degree from Brooklyn College (1968).

Foreign Bank Account Reports (FBARs) and Overlapping FATCA Disclosure Requirements: New Rules, Forms and Official Guidance takes place May 17, 2011, from 10:00 a.m.11:30 a.m., ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/fbar-webinar/?open&cmpid=tmtxac2011 or (in the U.S.) call 1-800-372-1033, menu Option 6, then Option 1. The per site fee is $249.

To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm.

About BNA Tax & Accounting Webinars

BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

SOURCE BNA Tax & Accounting