The Knowledge Congress Has Scheduled a Live Webcast on Foreign Bank Account Reporting & Enforcement

May 9, 2011 - PRLog -- 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.

Event Synopsis:

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.

Speakers/Faculty Panel:

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 your browser:
http://web.memberclicks.com/mc/quickForm/viewForm.do?orgI...

For an updated list of the faculty panel, please visit: http://www.knowledgecongress.org/event_2011_FBAR.html

About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series

The Knowledge Congress brings together the world's leading authorities and industry participants through informative two-hour webcasts that study the impact of changing regulations and help businesses succeed through proper regulatory compliance.

Visit www.knowledgecongress.org for further information and inquiry.