52nd Annual Tax Institute
Douglas S. Stransky spoke on the Foreign Account Tax Compliance Act (FATCA) and the Report of Foreign Bank and Financial Accounts (FBAR) at the 52nd Annual Tax Institute at Western New England University on November 13, 2013. In his talk, Mr. Stransky addressed the following topics:
- How FATCA will impact you and your clients, including a discussion of upcoming deadlines
- What individuals and businesses that have foreign entities or financial accounts need to know to comply with the complex FBAR and FATCA rules and avoid thousands of dollars in penalties
- Definition of Foreign Financial Accounts—it’s much broader than you think
- What’s the difference between FBAR and FATCA reporting and is separate reporting required under each set of rules for the same assets?
- How to clean up prior years if there has been a failure to comply with the FBAR and FATCA rules