New York, NY, September 11, 2015 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Patrick J. McCormick, Attorney, Kulzer & DiPadova, P.A. 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 Patrick J. McCormick
Patrick J. McCormick, Esq. focuses his practice in the areas of tax controversy, compliance, and criminal tax, with a particular emphasis on offshore and international matters. Patrick regularly assists clients with retroactive filing requirements related to offshore assets, assessment of penalties by the Internal Revenue Service for prior failures to file required information for offshore assets, and planning advice related to international assets both for clients living in the United States and those residing abroad. He has authored numerous articles on various topics related to tax compliance, and given frequent presentations on issues of interest to fellow tax practitioners. Patrick received his juris doctorate degree from the Vanderbilt University School of Law, and his LL.M. from New York University.
About Kulzer & DiPadova, P.A.
Kulzer & DiPadova, P.A. is a tax boutique law firm located outside Philadelphia, PA. The firm limits its practice to the areas of taxation and business matters, including employee benefit planning and compliance, all phases of federal and state tax planning, civil and criminal tax litigation, complex estate planning, estate administration and estate litigation. The firm consists of fourteen attorneys, all of whom either have obtained a Masters in Taxation or are in the process of obtaining such a degree.
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/