FBAR & FATCA Advanced Compliance

Categories: Federal Tax, IRS CE
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About Course

This two-hour continuing education course provides tax professionals with an advanced, practical understanding of FBAR (FinCEN Form 114) and FATCA compliance. The course is designed for enrolled agents and other tax return preparers who represent clients with foreign financial accounts or foreign financial assets, and who need a deeper working command of the penalty structure, voluntary disclosure options, and the individual and institutional layers of FATCA than a general foreign-income course provides.

Participants examine FBAR filing requirements, the non-willful and willful penalty structure, the reasonable cause exception, and the Streamlined Filing Compliance Procedures and delinquent FBAR submission procedures. The course provides detailed coverage of FATCA individual reporting on Form 8938, including its overlap with and differences from the FBAR. Students also study the institutional FATCA withholding regime affecting foreign financial institutions. The course concludes with practitioner due diligence and Circular 230 considerations when advising clients with offshore account exposure.

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What Will You Learn?

  • Apply FBAR (FinCEN Form 114) filing requirements, including who must file and what constitutes a foreign financial account
  • Apply the FBAR penalty structure, including the non-willful and willful standards and the reasonable cause exception
  • Apply the IRS Streamlined Filing Compliance Procedures and delinquent FBAR submission procedures
  • Apply FATCA individual reporting requirements under Form 8938 and distinguish them from FBAR reporting
  • Identify the FATCA institutional withholding regime and recognition-level intergovernmental agreement framework
  • Apply Circular 230 due diligence standards when advising clients with foreign account and asset exposure

Course Content

Module 1 – FBAR Fundamentals and Filing Requirements
This module covers FBAR (FinCEN Form 114) filing requirements under the Bank Secrecy Act, including the $10,000 aggregate threshold, financial interest versus signature authority, what constitutes a reportable foreign financial account, and filing deadlines and recordkeeping.

  • FBAR Fundamentals and Filing Requirements

Module 2 – FBAR Penalties, Willfulness, and Voluntary Disclosure
This module addresses FBAR penalties, including the non-willful and willful standards and the reasonable cause exception, along with the Streamlined Filing Compliance Procedures, delinquent FBAR submission procedures, and Voluntary Disclosure Practice.

Module 3 – FATCA Individual Reporting — Form 8938
This module examines FATCA individual reporting on Form 8938, including specified foreign financial assets, filing thresholds, the key distinctions from and coordination with FBAR, penalties, and the statute of limitations effect of a Form 8938 omission.

Module 4 – FATCA Institutional Compliance and Practitioner Considerations
The final module covers the FATCA institutional withholding regime, FFI agreements and the GIIN, the Model 1/Model 2 intergovernmental agreement framework, and practitioner due diligence and Circular 230 considerations for advising clients with foreign account exposure.

Final Assessment – FBAR & FATCA Advanced Compliance
You have completed a comprehensive review of advanced FBAR and FATCA compliance, covering FBAR filing requirements and penalties, the Streamlined and delinquent FBAR disclosure procedures, FATCA individual reporting on Form 8938, and the FATCA institutional withholding regime and practitioner due diligence. You are now prepared to demonstrate your understanding of the key concepts. The following final examination assesses your knowledge of the material covered in all four modules. A passing score of 70% is required to successfully complete the course.

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