New York, NY, September 09, 2015 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that David M. Allen, Partner, Katten Muchin Rosenman LLP will speak at the Knowledge Group’s webcast entitled: “Best Practices in Reporting Foreign Bank and Financial Accounts in 2015 Live Webcast.” This event is scheduled for October 21, 2015 from 12:00pm – 2:00pm (ET).
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About David M. Allen
David M. Allen's practice focuses on tax, succession and business planning for clients of significant wealth, including closely held business owners, private equity fund managers, art collectors, corporate executives and other professionals. He handles a wide variety of matters for these clients on local, national and international levels. David is highly skilled in advising clients with regard to tax, succession and charitable planning, probate administration, the integration of estate plans and corporate structures, and cross-border tax planning. He uses an interdisciplinary approach to present solutions to his clients by incorporating members of teams with experience in corporate, real estate, litigation, financial services and other areas of the law, as necessary.
David is a frequent lecturer on various topics. His speaking engagements include presentations regarding estate planning for Florida domiciliaries, trust decanting, estate planning of digital assets, income taxation of trusts, expatriation and international trust and estate planning. David is also a former co-chair of the Chicago Bar Association YLS Estate Planning Committee. While attending law school, David was an associate editor of the Michigan Law Review.
About Katten Muchin Rosenman LLP
Katten is a full-service law firm with approximately 650 attorneys in locations across the United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for counsel locally, nationally and internationally. The firm’s core areas of practice are corporate, financial services, insolvency and restructuring, litigation, real estate, environmental, commercial finance, intellectual property, structured finance and securitization, and trusts and estates. Katten represents public and private companies in numerous industries, including a third of the Fortune 100, as well as a number of government and nonprofit organizations and individuals. For more information, visit www.kattenlaw.com.
The U.S. Bank Secrecy Act of 1970 gave the Department of Treasury the authority to collect information from U.S. ‘persons’ having a financial interest or signatory authority over financial accounts outside the U.S. This requires filing of FinCEN Form 114 if the ‘aggregated maximum values’ of the foreign financial accounts exceeds $10,000.
The FBAR is not part of the Foreign Account Tax Compliance Act (FATCA) of 2010. One of the many implications of FATCA is that it requires U.S. individual taxpayers to report information about certain foreign financial accounts and offshore assets on Form 8938, and attach it to their income tax return, if the total asset value exceeds a specified reporting amount.
Complying with the reporting of Foreign Bank and Financial Accounts (FBAR) remains to be a tedious, complex, costly, and challenging issue for many companies. The Internal Revenue Service (IRS) imposes civil penalties of up to 50% of the total balance of an account on companies willfully failing to disclose their overseas accounts.
FBAR filing on Form 114 requires advice from highly experienced financial and legal advisors. This live Webcast will teach you how to ensure compliance with these best practices and how to head off potential problems for this year’s FBAR FinCEN Form 114.
In a two hour, live Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will review the new requirements for Reporting Foreign Bank and Financial Accounts in 2015, and provide advice to companies and their legal counsel on compliance with the myriad regulations and on avoiding the litigation.
In a two-hour live Webcast, the speakers will discuss:
· FBAR – An Overview
· FBAR vs. FATCA
· Updated FBAR Guidance
· Best FBAR Reporting Practices
· FBAR FinCEN Form 114 Compliance Policy
· Compliance Risk
· Litigation Risk
· Best Practices
· Regulatory Updates
About The Knowledge Group/The Knowledge Congress Live Webcast Series
The Knowledge Group was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org/