FBAR and U.S. Tax Reporting and Compliance Requirements for Foreign Assets
I am pleased to announce that I will be speaking in an upcoming Strafford live webinar, "FBAR and U.S. Tax Reporting and Compliance Requirements for Foreign Assets" scheduled for Tuesday, June 20, 10:00am-11:30am PST.
The IRS has made significant modifications over the past several years to the programs that allow for late reporting of undisclosed offshore assets. However the Service continually reaffirms its commitment to cracking down on U.S. taxpayers failing to disclose reportable foreign assets. The IRS is intensifying audits for foreign disclosures and tax advisers need to act quickly to take advantage of the benefits that may be applicable to their situations.
The two most significant programs aiding taxpayers with unreported foreign assets are the OVDP and the Streamlined Offshore Disclosure (SDP). Tax counsel and advisers must prepare now to assist clients on utilizing these programs. Clients will benefit from substantially reduced or no penalties for failure to report offshore accounts. However, counsel must be aware of the risks in each of the programs, as the penalties imposed on taxpayers that willfully fail to disclose are extremely harsh..
Counsel must first evaluate whether the disclosure program will help a taxpayer avoid increased IRS penalties. If so, counsel must guide the client in meeting the very specific information requirements of the OVDP application. The OVDP and SPD may end at any time without notice, so tax counsel should make client taxpayers aware of the potential tax and penalty savings from voluntary disclosure.
Our panel will provide counsel and tax advisers with the tools necessary to navigate the new rules regarding FBAR and offshore voluntary disclosure programs (OVDPs) and assist clients with developing programs that provide workable solutions.
We will review these and other key issues:
- What are the requirements for the delinquent information return program? How may a taxpayer implement its benefits?
- In what ways can the modified SDP and OVDP programs benefit taxpayers?
- What best practices should be implement in determining how these voluntary disclosure programs can work for particular taxpayer clients?
- How must counsel best navigate the streamlined disclosure program or OVDP requirements on participants?
After our presentations, we will engage in a live question and answer session with participants so we can answer your questions about these important issues directly.
I hope you'll join us.
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Ask for FBAR Reporting Regulations and OVDP on 6/20/2017
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Dennis N. Brager, Esq.
Brager Tax Law Group