New York, NY, April 08, 2011 --(PR.com
)-- The Knowledge Congress Live Webcast Series/The Knowledge Group, the leading producer of regulatory focused webcasts, has scheduled a live webcast entitled: “Foreign Bank Account Reporting and Enforcement Update: The Internal Revenue Service's 2011 Offshore Voluntary Disclosure Initiative and the New FBAR Regulations.” This 2-hour event is scheduled on June 16, 2011 from 3:00 PM to 5:00 PM.
All U.S. taxpayers are required to file an annual reporting form called a Report of Foreign Bank and Financial Accounts (or FBAR), stating whether they have a financial interest in any bank accounts maintained in foreign countries. Annual filing failure of this form is a felony that may also lead non-filers to substantial civil penalties.
Both the U.S. Justice Department and Internal Revenue Service have announced that FBAR and its compliance is a top enforcement priority. In 2009, the Justice Department entered into a Deferred Prosecution Agreement with UBS AG, Switzerland’s largest bank. The UBS agreed that it had assisted thousands of U.S. taxpayers in committing tax evasion by maintaining secret bank accounts in Switzerland for decades. Since then, over twenty criminal prosecutions have been filed against UBS account-holders, bankers, and investment advisors. Also in 2009, the IRS conducted a highly successful amnesty program for holders of undisclosed foreign bank accounts. During the term of that program, over 15,000 individuals came forward and admitted that they had secret bank accounts in Switzerland and other foreign jurisdictions.
In February 2011, the Internal Revenue Service unveiled its 2011 Offshore Voluntary Disclosure Initiative, a long-awaited second amnesty program designed to encourage U.S. taxpayers with undisclosed foreign bank accounts to come into compliance with U.S. tax laws and avoid possible criminal prosecution. Shortly thereafter, the Treasury Department announced new regulations governing foreign bank account reporting which are effective for FBARs due to be filed by June 30, 2011. These new regulations make substantial changes to the foreign bank account reporting requirements and are effective immediately.
Kris Easter, Branch Chief, OCIE, Office of the Chief Counsel, US Securities and Exchange Commission
Terence Coppinger, Partner, Deloitte Tax LLP
Erika Litvak, Shareholder, Greenberg Traurig LLP
Matthew D. Lee, Partner, Blank Rome LLP
To register in this event, please copy and pasted the link below to the browser:
For an updated list of the faculty panel, please visit: http://www.knowledgecongress.org/event_2011_FBAR.html.
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