Tax Law Center Blog

The global financial landscape is constantly shifting, presenting U.S. taxpayers and their professional advisors with a complex web of compliance challenges. For those managing clients with foreign assets, the obligations are particularly stringent, with potential civil and criminal penalties for non-compliance that can be both severe and unexpected.

To help navigate this high-stakes environment, we invite you to an upcoming Strafford live video CLE/CPE webinar, “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets” scheduled for Tuesday, September 9, 1:00pm-2:30pm EDT.

We have a limited number of FREE registrations available to friends of our firm; please email us for information at mail@patellawoffices.com

Join Parag P. Patel, Esq., as he co-presents a live and interactive seminar hosted by Strafford, a leader in providing continuing legal education for legal and financial professionals.

Seminar Details:

• Seminar Title: FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets
• Date: Tuesday, September 9, 2025
• Time: 1:00 PM – 2:30 PM EDT
• Host: Strafford Publications

This program is specifically designed to provide tax professionals with a comprehensive understanding of the legal duties and potential pitfalls related to reporting foreign financial assets. Mr. Patel will provide in-depth analysis on key topics, equipping you with the knowledge to protect your clients and your practice:

• Identifying Reporting Obligations: A deep dive into what constitutes a “foreign financial account” and who qualifies as a “U.S. person” with a reporting obligation, which can be broader than one might assume.
• The Nuances of FBAR (FinCEN Form 114) vs. Form 8938: Clarifying the distinct, yet related, requirements for reporting foreign financial accounts on the FBAR and specified foreign financial assets on Form 8938. Misunderstanding these separate obligations can lead to significant penalties.
• Navigating Non-Compliance Penalties: An overview of the draconian civil and criminal penalties for non-compliance, including the substantial FBAR civil penalties that can amount to a maximum of 50% of the account value per violation. Penalties can also include a 40% accuracy-related penalty for understatements attributable to undisclosed foreign financial assets.
• Avenues for Resolving Past Non-Compliance: Discussion of available programs and procedures, such as the Streamlined Filing Compliance Procedures, for taxpayers who were non-willful in their failure to report, versus the more extensive requirements for those who face allegations of willful conduct. The presenters will also discuss the importance of acting quickly, as the option to come into compliance voluntarily may be lost once the IRS begins an investigation.
• IRS Enforcement Priorities: Insights into how the IRS is coordinating with foreign governments and leveraging new international standards to identify non-compliant taxpayers. The days of bank secrecy are coming to an end, with countries worldwide adopting information-sharing agreements like FATCA and the CRS to combat tax evasion.

Strafford’s programs are known for their practical, high-quality content that helps professionals stay ahead of regulatory changes. This CLE/CPE webinar is an essential opportunity to gain clarity on an area of tax law that requires attention to detail.

Contact us for a consultation to learn more about how our firm can assist you with your client’s foreign asset reporting requirements and complex tax problems.