Foreign Asset Disclosure Noncompliance and Penalty Abatement After OVDP Closing

Remaining IRS Voluntary Disclosure Initiatives, Challenging Finding of Willful Failure, Requesting Penalty Relief

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, December 12, 2018

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax advisers with a useful and practical guide to navigating the IRS disclosure and penalty abatement process for foreign information reporting noncompliance after the closing of the Overseas Voluntary Disclosure Program (OVDP). The panel will discuss the remaining avenues for remedying delinquent or incorrect foreign asset disclosure filings and detail ways to reduce penalties after OVDP.

Description

On Mar. 13. 2018, the IRS announced the closing of its OVDP, effective Sept. 28, 2018, while reaffirming Treasury’s continuing commitment to target foreign information reporting failures in its enforcement efforts. The ending of the OVDP removes a valuable program for U.S. taxpayers seeking to remedy delinquent or inaccurate required foreign asset disclosures.

The OVDP was established to provide incentives for taxpayers with exposure to potential criminal liability and civil penalties due to a willful failure to report foreign financial assets and pay outstanding tax resulting from that filing failure. OVDP granted protection from criminal liability for taxpayers who completed participation in the OVDP and provided participants with terms for resolving their tax and penalty obligations.

The closing announcement signaled the Service’s position that it would aggressively pursue foreign reporting noncompliance, given its belief that taxpayers are more aware of their foreign asset disclosure obligations. The announcement referenced remaining avenues for remedying foreign reporting failures, specifically the streamlined filing compliance procedures. However, the crucial takeaway from the closure of OVDP is that the Service will take a harder line with alleged willful failure to file required disclosures of foreign assets.

Listen as our experienced panel provides a practical guide to navigating the IRS foreign information disclosure and penalty abatement program in the wake of the OVDP closing.

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Outline

  1. OVDP- A brief history
  2. Criminal Penalties
  3. Remaining structured procedures
    1. Streamlined filing compliance procedures
    2. Streamlined Domestic Offshore Procedure for U.S. residents
    3. Streamlined Foreign Offshore Procedure for non-U.S. residents
    4. Delinquent FBAR Submission Procedure
    5. Delinquent International Return Submission Procedure
  4. Noisy Disclosures vs. Quiet Disclosures
  5. Penalty structures outside of formal IRS programs and procedures
  6. Reasonable cause abatement standards
  7. Willfulness and Reckless Disregard. Will you know it when you see it?
  8. Going to Court
  9. Tips for avoiding tax preparer malpractice or IRC 6694 penalties

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

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

Certified Tax Specialist
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 V. 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

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

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$177