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2023 December Solutions Room - FBAR
IRS Program #: X9QQU-T-01082-23-O
CTEC #: 6257-CE-0248
CE: 1 IRS & 1 CTEC credit
Speaker: Fernando Juarez, EA, Esq., LLM.
U.S. tax residents that own foreign bank and securities accounts are generally required to submit with the FinCEN, the form 114, commonly known as the “FBAR”. This presentation will provide a review of the FBAR and the common scenarios that require an FBAR filing. It will also discuss applicable penalties and most recent legal developments for the FBAR, derived from the 2023 Supreme Court’s ruling in the Bittner case, and the decision just issued in November 2023 in the Ariosto case (which discusses the relationship among the FBAR and a tax treaty).
- Determine if an asset is subject to reporting on an FBAR.
- Identify the applicable thresholds to file an FBAR.
- Apply recent caselaw to specific client’s scenarios