Comparison of FBAR & FATCA Including APRIL 2017 Filing Dates

Thursday, Apr 06, 2017 at 11:30AM - 2:30PM
Fremont, CA

Event Details

There are similarities, but also very different filing requirement thresholds and definitions of applicable assets for each of these forms: FBAR Form FinCEN Form 114, Report of Foreign Bank and Financial Accounts (formerly TD F 90-22.1), FATCA Form 8938, which discloses specified foreign financial assets. And beginning in 2016, there are new filing dates: Fincen Form 114 (the electronic FBAR) is now changed from June 30 to April 15. For the first time, taxpayers who must file this form will be allowed a six-month extension of time to file. For partnership returns- the new due date is March 15 (for calendar year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal year partnerships). For corporation returns- the new due date is the 15th day of the fourth month following the close of the corporation's tax year.

Objectives Of The Presentation
    • Due Diligence of Return Preparer
    • What are the similarities of FBAR and FATCA?
    • What are the differences in FBAR and FATCA forms?
    • What are the differences in FBAR and FATCA filing requirements?
    • Determine who must file the FBAR
    • Determine who is exempt from the FBAR filing requirements
    • Determine the FBAR filing requirements
    • What is a "financial interests?"
    • What are defined as "Foreign Bank Accounts and Financial Accounts?"
    • What form number is required?
    • What is the 2016/2017 filing date?
    • Understand the civil and criminal penalties that may be applicable for noncompliance with the FBAR filing requirements
    • What is the definition of "foreign assets?"
    • What is the filing requirement thresholds?
    • What is the difference in the filing thresholds for "US Persons" who live inside the US and those who live in foreign countries?
    • What form number is required?
    • What is the 2016/2017 filing date?
    • What are the civil penalties for failure to file?
Why Should you Attend
In April 2003, the Financial Crimes and Enforcement Network (FinCEN) delegated enforcement authority of FBAR to the IRS; therefore the IRS is now responsible for:
  • Enforcing filing requirements
  • Investigating possible civil violations
  • Assessing and collecting civil penalties
  • Issuing administrative rulings
Foreign Account Tax Compliance Act (FATCA), which was included as part of the HIRE Act of 2010, was enacted by Congress to target non-compliance by U.S. taxpayers using foreign accounts… "While elements of the legislation have been in effect since 2011, the main elements of FATCA reporting began in 2015 and will continue to unfold over the next few years." Douglas W. O'Donnell, Commissioner of the Large and Midsize Division of IRS.

Who will Benefit
  • CPA, EA, Attorney & Staff
  • Any Officer/Manager/Employee responsible for bank account maintenance, CEO, CFO & Tax Department Management/Employee responsible for filing Federal forms.

For Registration


Note: Use Promo code DE5YU and get 10% off on registration (Valid till APRIL 30th 2017)

Organization Details

Online Compliance Panel (OCP) creates and delivers comprehensive industry relevant training sessions. These sessions are simple, interactive and cost effective. We are a predominantly web based information exchange forum. Live interactions on compliance training make the process holistic and effective. OCP largely emphasizes in offering regulatory compliance training to compliance professionals on varied topics. These primarily include risk management, quality management, corporate compliance and other regulatory compliances. Some of our primary areas of focus include advancement and updates in regulatory compliance, best practices and market trends.

We strive to incorporate high standards in developing a culture facilitating exchange of ideas resulting in functional excellence. OCP believes in nurturing ideas and thought processes through innovative e-learning methodologies. Our products and services are designed to offer customized solutions to industry and market. We bridge the gap between experience and knowledge thus delivering original and creative content.

Our objectives of employing interactive mediums ensure effective communication and mutual exchange of ideas. OCP closely follows best practices and regulatory trends in the global compliance scenario. We also observe and communicate trends witnessed in FDA, ISO regulations, process and design validation. All updates and additions to important laws can be accessed by our customers in real time.

Our mission is to empower compliance professionals through effective online training sessions. Our world class training methodologies stem from comprehensive understanding of client requirements. The content conforming to FDA and ISO standards is developed by well qualified and experienced industry leaders. Our offerings will exceed expectations and add value to your investment.

The content in various categories such as medical devices, pharmaceuticals and biotechnology will raise the bar in terms of quality already on offer .We hope to contribute to the creation of responsible organizations creating benchmarks in quality, integrity and transparency.

Online Event
38780 Tyson Lane, Apt 210
Fremont, CA 94536

Starts April 06, 2017 at 11:30AM - 2:30PM

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Contact Information

Organization: Online Compliance Panel LLC

Event Contact: OCP Panel

Phone: 15108575896