The New and Updated Voluntary Disclosure Program: Significant Considerations for Taxpayers
The IRS announced guidance for clients seeking to make a voluntary disclosure after the close of the 2014 OVDP in September of 2018. The guidance, which takes the form of a brief memorandum, differs significantly for what has come before, from the overall policy to the minutia terms. The new guidance provides challenges to the practitioner in properly conveying criminal and civil risks of participation to their clients. Perhaps most troubling is the potential that the program changes could impact clients currently in the 2012 or 2014 program but who do not have closing agreements to date. This program will explore these issues as it delves into the new guidance.Some of the major topics that will be covered in this course are:
- The New Voluntary Disclosure Practice: An Overview
- Updates and Emerging Issues
- Risks and Opportunities
- Issues to Consider Before Filing
- Best Compliance Practices and Strategies
- Recognize risks for clients in entering the 2018 OVDP program
- Understand changes in the 2018 OVDP program from prior iterations
- Identify clients for whom the 2018 OVDP program will be helpful
- Recognize how the new OVDP impacts clients currently participating in the 2012/2014 OVDP
- Welcome to a brave new world:
- A New Objective . . .
- What About Actual Jail?
- Criminal Investigation Procedures
- Offshore Voluntary Disclosure Program – What am I in for from Criminal Investigations?
- New Duration – expires November 20, 2020
- Tax Return Look Back Period “6 Years”
- But Can You Rely on a 6 Year Period?
- Who is better off / risks more now on period of years?
- Old Offshore Voluntary Disclosure Program - Payments
- Increased Penalty on the Tax
- What about the Offshore Penalty?
- What has the IRS said internally about factors that support a willful FBAR penalty?
- Some Surprises from Internal IRS Guidance on how to identify an FBAR Violation
- How Bad Could It Be?
- What to expect next:
- Danger for Current Cases
- Other Options Available For U.S. Taxpayers with Undisclosed Foreign Financial Assets
- Streamlined Filing Compliance Procedures
- Streamlined Filing Compliance Procedures – Who is Eligible?
- Streamlined Filing Compliance Procedures – What Happens?
- Streamlined Filing Compliance – What is willfulness for purposes of the certification
- What about a quiet filing
- (submit amended returns without a program)?
Shannon is a partner in the private client and tax team.
She represents clients in sensitive tax matters, many of which involve negotiations with government agencies. Shannon provides clients with advice on a broad range of tax, trust, estate, and business planning issues. Her work involves planning for wealthy US and international families, with particular emphasis on planning for closely held businesses. Shannon’s planning work for clients involves a range of matters, from creating tax-efficient wealth transfer structures to addressing income tax issues arising from investments and operating businesses. She has advised prominent politicians, business people and well known athletes. She is known globally as one of the go-to attorneys for individuals with US tax or reporting issues and has represented clients from over 20 countries in the last year.
She is an experienced tax controversy attorney who assists clients in resolving high-stakes, complex tax controversies. Her clients include individuals, corporations, and partnerships facing federal or state tax liability. With her extensive income tax planning background coupled with her understanding of the tax controversy process, Shannon develops strategic responses and solutions with a goal to resolve a client’s matter privately at the earliest possible point while securing the best possible result.
In addition to the traditional tax controversies, such as representing clients in an audit, she has extensive experience in advising clients on issues regarding foreign bank account reporting (FBAR) obligations, the Foreign Account Tax Compliance Act (FATCA), and the Internal Revenue Service’s 2009 Offshore Voluntary Disclosure Program, 2011 Offshore Voluntary Disclosure Initiative, 2012 Offshore Voluntary Disclosure Program, 2014 Offshore Voluntary Disclosure Program, Streamlined Filing Procedure and other means of resolving US income and reporting deficiencies. Shannon has represented hundreds of U.S. taxpayers with undisclosed foreign bank accounts.
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Method Of Presentation:
General knowledge of tax laws
NY Category of CLE Credit:
Areas of Professional Practice
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Founded over 100 years ago, Withers is a leading international law firm for global businesses, their equity and debt stakeholders, and the executives who manage them. The firm is one of the largest tax law firms in the world and consists of over 160 partners supported by more than 1,000 people across 18 strategically located international offices.
With an unrivalled team of more than 150 personal and corporate tax lawyers, Withers is always ready to assist in domestic and international tax planning. Our advice is knowledgeable, reliable and solution-focused. We excel in solving cross-border and multi-jurisdictional problems. We work with a broad range of successful individuals, families and companies on their interests in more than 100 countries. Our private clients include entrepreneurs, artists, athletes and city professionals. We advise families who have held wealth for generations, and individuals who have received an unexpected ‘windfall’. Corporate clients include many household names amongst fashion brands, financial services firms and hotel and hospitality companies.
Whatever your situation, we can help with your tax planning, when necessary consulting with leading colleagues in areas such as trusts, wealth planning, immigration and employment. Each situation is different, but as a firm established more than a century ago, we can draw on a wealth of previous cases when assessing new ones.