Online via Webinar
July 30, 2014
1:00 – 2:30 PM ET
On June 18, 2014, in an attempt to allow more taxpayers with offshore bank accounts to “get right with the government,” the Internal Revenue Service announced major changes to its offshore voluntary compliance programs.
Since 2009, the IRS has offered amnesty from criminal prosecution for non-compliant taxpayers in return for the payment of back taxes, interest, and penalties through its Offshore Voluntary Disclosure Program (the “OVDP”). Subject to limited exceptions, in the three previous iterations of the OVDP (2009, 2011, and 2012), all taxpayers were subject to a uniform penalty structure. In other words, a taxpayer who willfully and knowingly violated the tax law was subject to the same penalty as those taxpayers who had a good-faith misunderstanding of the law. To solve the problem of the uniform penalty, the IRS has made two major changes in its offshore compliance programs. The IRS has now expanded the Streamlined Compliance Procedures to provide more taxpayers with an easier way to voluntarily come into compliance. The IRS also reshaped the OVDP for certain taxpayers whose failure to comply is willful in nature, and therefore do not qualify for the Streamlined Procedures. Beginning on August 4, 2014, the new 2014 OVDP increases the offshore penalty percentage from 27.5 percent to 50 percent under certain circumstances.
In this complimentary webinar, Blank Rome’s offshore compliance team will outline these major changes and discuss the options available to taxpayers with undisclosed offshore bank accounts.
Who should attend: Accountants, tax attorneys, estate and financial planners, chief financial officers, corporate tax professionals, and investment advisors.
Click here to RSVP by July 29.