Appealing IRS Penalty Abatement Denials: Offshore Disclosure Penalties, OVDP Denials and Appeals

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Tuesday, November 22, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE/CPE webinar will provide tax attorneys, CPAs and Enrolled Agents with a comprehensive and practical guide to navigating the process of appealing an IRS denial of a penalty abatement request, starting with an understanding of the major foreign information reporting forms, and the associated penalties. The panel will cover foreign information and FBAR abatement requests, and will offer useful tools to compiling and submitting the appeal correspondence and documentation.

Description

The IRS employs strict standards for determining whether a taxpayer qualifies for an abatement of penalties for failure to file required foreign information returns and FBARs. In December 2013, TIGTA issued a report indicating that IRS controls over penalties were deficient, leading to incorrect abatement in a large percentage of tested cases. As a result, the IRS has promised increased scrutiny over foreign penalty abatement requests.

For taxpayers seeking to appeal penalties on FBARs or foreign reporting forms, denial of transitional relief, or rejection of Streamlined Procedure submissions, a cohesive strategy is necessary. A taxpayer may be selected for audit based upon the filing of a quiet disclosure. Once chosen, a taxpayer can expect to face a probing audit, which may result in large penalties with time consuming and onerous penalty appeals procedures. Similar problems arise if a Streamlined Procedure application is rejected. IRS examiners may demand a very high level of proof to abate penalties. Critical to navigating the FBAR and foreign information reporting form appeals process is an understanding of what the standards and penalties are, as well as determining how the evidence can best be assembled.

Listen as our experienced panel of advisers provides a practical guide to navigating the process for handling OVDP and penalty abatement denials.

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Outline

  1. Not just the FBAR — Review of foreign reporting form
    1. The common forms.
    2. The penalty for not filing
    3. Statute of limitations (ASED) issues
    4. Appeals Forums- both administrative, and in court
  2. The Reasonable Cause standard for foreign reporting penalties
    1. Winning exam strategies
    2. Typical traps
    3. Knowing when you have a winning appeal
  3. Handling OVDP Opt Outs, Streamlined Submissions, and FBAR Audits
    1. OVDP - Submissions down.
    2. Streamlined Audits -- not common as far as we see
    3. Transitional Requests -- Success and Denial, Then what?
    4. Opt Out and removal Interviews, Approach and Issues
    5. FBAR Penalties in Audit

Benefits

Attendees will get an inside look on how some of the most complicated international controversies are successfully resolved by leading practitioners in the field and learn the types of lesser-known foreign assets transactions that trigger significant penalty risks. They will also learn the common legal and practical issues that routinely erupt in these cases and what can be done to mitigate those risks.

Faculty

Parent, Anthony
Anthony E. Parent
Founding Partner
Parent & Parent

Mr. Parent is the founding partner of his firm, and has a tremendous amount of success in opt-out audits and FBAR...  |  Read More

Brager, Dennis N.
Dennis N. Brager, Esq.

Brager Tax Law Group

Mr. Brager is a nationally known tax litigation attorney, representing clients in criminal and civil tax litigation and...  |  Read More

Hanson, Robert
Robert Hanson, Esq.
International Tax Attorney
Parent & Parent

Mr. Hanson is the lead attorney in the firm’s International Tax department. He received the CALI Academic...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$297

Download

CPE Not Available

$297