Willfulness and the IRS Disclosure Programs: Are You Compliant?
The increasing number of US taxpayers holding foreign bank and investment accounts over the past years has urged the U.S. Department of the Treasury and the Internal Revenue Service (IRS) to create strategies to expose them and identify those with a beneficial interest in the account(s). The US has used the threat of access to our markets and FATCA to force most of the nations of the world to disclose these accounts. Today, tens of thousands of banks and most sovereign tax authorities around the world report detailed information regarding these accounts and their owners’ identification electronically directly to the IRS. The IRS created Voluntary Disclosure Programs for US taxpayers to come into compliance with Foreign Bank Account Reporting or FBAR requirements.
US tax law specifically states ignorance is not an excuse for failure to comply. Taxpayers face the largest penalties and interest available under US law if found guilty of willful non-disclosure. Penalties are based upon the highest accumulated balance at any point in a tax year, and have no relation to present balance or available funds. As a result, penalties often exceed the present value of the account. Even those who prove the omission of some information was non-willful will face penalties and interest to the IRS. Therefore, it is important for any citizen or resident including foreign nationals who live or work in the US with financial accounts outside of the US to know if they are compliant with IRS FBAR regulations.
In this LIVE webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will discuss the significant and latest issues surrounding IRS FBAR Disclosure Programs. They will provide an in-depth discussion of Offshore Voluntary Disclosure Program (OVDP), Streamlined Disclosure Programs (SDP) and the role of willfulness in disclosing foreign accounts and assets. Speakers will also offer best practices in developing and implementing an effective guide to be compliant with the said programs.
Key issues that will be covered in this course are:
- Foreign Account Tax Compliance Act (FATCA) - Overview
- IRS Disclosure Programs
- Offshore Voluntary Disclosure Program
- Streamlined Disclosure Programs
- What is Willfulness?
- Recent Cases Involving Willfulness
- Compliance Guides
Baker & McKenzie LLP
Withers Bergman LLP
Allen Barron, Inc., Janathan L. Allen, APC
Who Should Attend:
- U.S. Taxpayers, both Domestic and International
- Tax Attorneys
- Tax Compliance Officers
- Tax Consultants
- Tax Executives and Directors
- Tax Professionals
- Other Interested and Related Individuals
Kathleen Agbayani is of counsel in the North American Tax Practice Group. She joined Baker & McKenzie’s Washington, DC office after serving as an attorney-advisor for the Honorable Robert N. Armen, Jr., at the United States Tax Court. She is a committee member of the North American Tax Practice Group Tax Controversy Steering Committee and the Global Tax Practice Group Voluntary Disclosure Steering Committee. She has spoken at the American Bar Association Section of Taxation and The Tax Executives Institute.
Ms. Agbayani focuses her practice on tax controversy, voluntary disclosures, global wealth management, and transfer pricing. She advises individual and corporate clients on a variety of substantive and procedural matters during examination and administrative audits before the Internal Revenue Service and assists in contesting disputes in court. Ms. Agbayani also provides pro bono advice to many pro bono clients including the American University Washington College of Law Janet R. Spragens Federal Tax Clinic and D.C. Tax Legal Assistance, American Bar Association Military Pro Bono Project.
Kathleen Agbayani is of counsel in the North American Tax Practice Group. She joined Baker & McKenzie’s Washington, DC office …
Shannon represents clients in sensitive tax matters, many of which involve negotiations with government agencies. She 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 settlement.
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.
Shannon represents clients in sensitive tax matters, many of which involve negotiations with government agencies. She provides clients with advice …
A Montana native, Ms. Allen brings domestic and international tax, accounting and finance knowledge to Allen Barron, Inc., and extensive business, tax and estate planning legal expertise to Janathan L. Allen, APC. Ms. Allen has worked with a diverse group of local, regional, national and international businesses, advising clients in legal, financial and tax matters.
Beginning her career in the public accounting arena, she moved into the private sector as tax director for a biotech firm, Hybritech, Inc. She progressed to controller and CFO/Legal Counsel positions for a number of San Diego companies before becoming a partner in Allen Barron, Inc., and founding Janathan L. Allen, APC.
She has led Continuing Legal Education (CLE) seminars and speaks regularly throughout California on tax-advantaged corporate structures and tax minimization, IRS FBAR compliance and audit strategies, estate and business succession planning, and appeared as a panelist for Tech Coast Venture Network in a roundtable discussion for venture capital and angel financing.
A Montana native, Ms. Allen brings domestic and international tax, accounting and finance knowledge to Allen Barron, Inc., and extensive …
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About Baker & McKenzie LLP
Baker McKenzie has provided sophisticated legal advice and services to many of the world's most dynamic and global organizations since our founding in 1949. With a network of more than 4,200+ locally qualified, internationally experienced lawyers in 77 offices worldwide and 47 countries, Baker McKenzie has the knowledge and resources to deliver the broad scope of quality legal services required to respond effectively to international and local needs -- consistently, confidently, and with sensitivity for cultural, social, and legal practice differences.
Baker McKenzie’s 10,000+ lawyers, supporting professionals, and staff are citizens of more than 60 countries. Baker McKenzie’s professionals are admitted to practice in nearly 250 jurisdictions and have been educated at more than 1,200 institutions, including nearly all of the world's leading law schools.
About Withers Bergman LLP
Withers Bergman LLP is an international law firm dedicated to the business, personal and philanthropic interests of high net worth individuals, their families and advisors. For over one hundred years, our firm has provided sophisticated legal advice to successful individuals, from British aristocracy to Wall Street entrepreneurs and senior executives, from privately-held business owners to celebrities, artists and other international figures who achieve substantial earnings.
About Allen Barron, Inc., Janathan L. Allen, APC
Allen Barron, Inc.
Allen Barron, Inc. provides holistic tax, accounting, business, financial and management advisory services to individuals and businesses located throughout Southern California and around the world. Janathan L. Allen, APC provides legal advice and representation to a varied domestic and international clientele. Our San Diego based tax attorneys advise on all issues related to offshore accounts and investments, FBAR and FATCA compliance, as well as collections issues with the IRS and California’s taxation agencies. We support US taxpayers on all issues with the Internal Revenue Service including IRS audits, audit appeals, tax controversies, IRS levies, garnishments and liens. We represent taxpayers before all California state agencies including the California Franchise Tax Board or FTB, the Employment Development Department or EDD, and the Board of Equalization or BOE.
Our clients value insight and informed answers on a variety of issues from several perspectives that help their business to grow and succeed. Each aspect of your business affects other operations or financial performances throughout the organization. With Allen Barron, you no longer have to seek the advice of 3 or 4 separate professionals. We simplify the process and provide expert counsel and services while offering greater efficiency and cost-effectiveness.
Janathan L. Allen, APC
The law firm of Janathan L. Allen, APC and the firm of Allen Barron, Inc. are based in the San Diego, California, area. The firms serve clients throughout Southern California in locations such as San Diego, Los Angeles, Escondido, Oceanside, Chula Vista, El Cajon, Santee, Temecula, Murrieta, Poway, San Marcos, Vista, San Clemente, Huntington Beach, Mission Viejo, Irvine, Anaheim, Santa Ana and Orange County, as well as in San Francisco, Las Vegas, Phoenix and other parts of the United States. The firms also work internationally, assisting clients in Europe and Asia with their legal, tax and business needs.