Voluntary Disclosure of Foreign Assets: Current Challenges for Noncompliant U.S. Taxpayers

IRS Ends the OVDP; Other Options for Compliance, Avoiding Penalties and Potential Criminal Prosecution

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


Conducted on Thursday, May 31, 2018

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE/CPE webinar will provide counsel and tax advisers with guidance on available options for reporting foreign assets of noncompliant U.S. taxpayers. The panel will discuss Foreign Bank Account Report (FBAR) requirements, implications of the IRS’ termination of the Offshore Voluntary Disclosure Program (OVDP) and alternative compliance options, current challenges faces non-compliant taxpayers, and tactics to avoid penalties and potential criminal prosecution.

Description

On March 13, 2018, the IRS announced the current OVDP will close Sept. 28, 2018. U.S. taxpayers with undisclosed foreign accounts, entities and other assets must consider taking advantage of the OVDP before it closes.

The OVDP encourages taxpayers to voluntarily disclose foreign assets in compliance with their tax filing and information reporting obligations. The program requires taxpayers to report offshore income and file all income tax returns, including FBARs. Further, the taxpayer musts agree to a 27.5% or 50% offshore penalty on the highest value of a taxpayer’s foreign assets depending on whether the taxpayer used a bank or facilitator that the IRS identified as aiding U.S. tax evasion.

The IRS offers other options for non-compliant U.S. taxpayers such as the IRS-Criminal Investigation Voluntary Disclosure Program, Streamlined Filing Compliance Procedures, Delinquent FBAR Submission Procedures, and the Delinquent International Information Return Submission Procedures. However, unlike the OVDP, these programs require either “non-willful” conduct and/or “reasonable cause” for failure to timely file and report foreign accounts and assets, including those held through undisclosed foreign entities.

Counsel and tax advisers must be aware of the complex requirements of each disclosure program and discern whether or not a noncompliant U.S. taxpayer should voluntarily disclose before the OVDP closes.

Listen as our panel discusses current options for the voluntary disclosure of foreign assets, the benefits and burdens of alternatives after OVDP, and best practices in determining which program will benefit noncompliant U.S. taxpayers.

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Outline

  1. Overview of the disclosure requirements of foreign accounts and assets
  2. Identifying foreign information noncompliance scenarios
  3. Determining if the OVDP is the right option for a noncompliant U.S. taxpayer
  4. Available alternatives after OVDP ends
  5. Best practices for advising the noncompliant U.S. taxpayer
  6. Are quiet disclosures a viable option?

Benefits

The panel will review these and other critical issues:

  • What are the requirements of each IRS voluntary disclosure program?
  • What are the advantages and disadvantages of the OVDP?
  • What options are available to clients after the OVDP ends?
  • What are the best practices in determining which voluntary disclosure program benefits the client?

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

Jacobs, Deborah J.
Deborah J. Jacobs

Owner
The Law Office of Deborah J. Jacobs

Ms. Jacobs represents clients worldwide on international tax matters under U.S. tax laws including cross-border...  |  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