Correcting Corporate Foreign Tax Noncompliance: Identifying and Repairing Incomplete or Incorrect Filings
Remaining IRS Voluntary Disclosure Initiatives, Challenging Finding of Willful Failure
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide corporate tax advisers with a practical guide to identifying potential foreign information reporting noncompliance, and correcting and disclosing filing deficiencies. The panel will discuss the most common issues in completing international information forms such as the FBAR, Form 8938, and Forms 5471 and 5472. The webinar will also offer useful tools for remedying delinquent or incorrect foreign asset disclosure filings after the closing of the Overseas Voluntary Disclosure Program (OVDP).
Outline
- New IRS Large Business & International (LBI) Foreign Compliance Initiatives
- Identifying foreign information noncompliance scenarios
- Streamlined disclosure program for non-willful delinquency
- Streamlined filing compliance procedures
- Streamlined Domestic Offshore Procedure for U.S. residents
- Streamlined Foreign Offshore Procedure for non-U.S. residents
- Delinquent FBAR Submission Procedure
- Delinquent International Return Submission Procedures
- Noisy disclosures vs. quiet disclosures
- Penalty structures outside of formal IRS programs and procedures
- Reasonable cause abatement standards
- Willfulness and reckless disregard--will you know it when you see it?
Benefits
The panel will review these and other priority issues:
- What are the penalty structures for non-willful and willful failure to file?
- What are the standards for "reasonable cause" abatement?
- What standards are used by the courts and the IRS to determine willfulness?
- How the remaining IRS streamlined procedures can be used to mitigate various penalties?
Faculty
Brian Gardner
Attorney
Taylor English Duma
Mr. Gardner focuses his practice on federal, state and international tax controversy and tax planning matters. He... | Read More
Mr. Gardner focuses his practice on federal, state and international tax controversy and tax planning matters. He represents taxpayers in IRS audits, appeals, refund claims and in U.S. Tax Court. Mr. Gardner has experience representing individuals and companies in tax controversy and litigation matters concerning, among other things, defense of conservation easements, passive income losses, net operating losses, innocent spouse claims, employment taxes, trust fund recovery penalties and offshore voluntary disclosures.He regularly consults with businesses in a variety of industries including e-commerce, manufacturing, technology and health care on federal and state tax planning issues.
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Dirk Gifford
Managing Director, International Tax Services
KPMG US
Mr. Gifford serves in the firm's International Corporate Services Practice. He focuses on working primarily with... | Read More
Mr. Gifford serves in the firm's International Corporate Services Practice. He focuses on working primarily with U.S. and foreign-owned multinational corporate clients with either U.S. inbound or outbound activities. Mr. Gifford is experienced in complex structuring planning, provision preparation assistance and review, and tax compliance preparation for companies in the communications, financial services, and defense contractor industries. He is a frequent author and speaker on tax issues.
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Shane M. Vandenberg
Manager
KPMG
Mr. Vandenberg is a Manager in KPMG’s Tax Controversy Services practice, which represents firm clients at all... | Read More
Mr. Vandenberg is a Manager in KPMG’s Tax Controversy Services practice, which represents firm clients at all levels of controversy before the IRS. The practice represents clients at the examination and appeals level, using both traditional resolution methods and various IRS alternative dispute resolution techniques.
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