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Demystifying the FBAR: A Masterclass


  • EVENT DATE: 2026-08-12

  • PRESENTER(s): Patrick McCormick

  • 1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 100 Minutes
  • Product Code::TL425



Description


Demystifying the FBAR: A Masterclass : 



For anyone with international financial roots, the words "foreign account" shouldn’t trigger panic—but without the right guidance, the compliance maze can feel incredibly daunting. The Foreign Bank Account Report (FBAR) remains one of the most misunderstood cross-border tax requirements, carrying some of the most draconian penalties in the entire Internal Revenue Code for simple oversight.

In this exclusive masterclass, international tax attorney Patrick McCormick, JD, LLM, strips away the legal jargon to demystify the FBAR. Whether you are a US expat, a dual citizen, a resident alien, or a financial professional advising international client, this webinar provides a clear, actionable roadmap. You will learn exactly who must file, what assets must be disclosed (including hidden traps like foreign life insurance and digital assets), and how to safely correct past mistakes before the IRS comes knocking.


Don't let cross-border compliance keep you up at night. Master the FBAR rules, understand your exposure, and gain total peace of mind.


Learning Objectives:

  • Identify Filing Triggers: Accurately determine who qualifies as a "US person" and evaluate when the aggregate maximum balance of foreign accounts crosses the threshold requiring an FBAR filing.
  • Distinguish Reportable Assets: Differentiate between reportable foreign financial accounts (including overseas pensions, mutual funds, and cash-value life insurance) and non-reportable foreign assets.
  • Evaluate Penalty Risks: Analyze the critical legal differences between "willful" and "non-willful" violations and understand how the IRS calculates penalties.
  • Select Amnesty Path: Compare the available IRS compliance options—such as Streamlined Filing Compliance Procedures and Delinquent FBAR Submission Procedures—to safely remedy past non-compliance.


Session Highlights:

  • The "$10,000 Trap": Deconstructing the aggregate threshold rule. (Hint: It’s not $10,000 per account, and the calculation trips up almost everyone).
  • Hidden Under the Radar: A look at unconventional foreign assets that require disclosure, from online gambling accounts to signature authority over corporate accounts.
  • Willful vs. Non-Willful: Where the IRS draws the line, how they prove intent, and what it means for your financial exposure.
  • The IRS Playbook: Real-world case studies detailing how the IRS detects undisclosed foreign accounts in the era of global data sharing (FATCA).
  • Your Escape Hatch: Step-by-step guidance on how to use IRS amnesty programs to back-file historical FBARs with minimal or zero penalties.


Who Will Benefit:

  • Certified Public Accountants (CPA)
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
  • Accountants
  • Payroll Managers


Credits and Other information:-

      - Session Duration: 2 Hours

      - Case Studies and Live Q&A session with speaker

      - Power Point presentation for reference

      - Delivery method: Group Internet Based

      - IRS CPE Credits: 2 Tax Hours

      - IRS CE Provider: #PUPOT

       - Recommended field of study – Taxes

       - Session Prerequisites and preparation: None

       - Location: Virtual/Online

       - Attendance Requirement:  Yes


Speaker Profile:

Patrick McCormick, JD, LLM

Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.

Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.

Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.

Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.



             - IRS CPE Credits: 2 (Taxes)                      This Program has been approved
                                                                                           for 2 CPE hours under IRS.
             - IRS CE Provider ID: #PUPOT



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