Resolve Your Clients’ Tax Filing Omissions of Undisclosed Offshore Income and Assets
The Internal Revenue Service (IRS) has been aggressively pursuing unreported foreign accounts since 2009. During that time, the IRS has offered various Offshore Voluntary Disclosure Programs (OVDP’s). On March 14, 2018, the IRS announced that the current OVDP would end on September 28, 2018. It is now imperative that you review the best way to help your clients correct prior omissions for their undisclosed foreign financials. Join this session, where taxation attorney Robert McKenzie will guide you on how you can competently advise your clients of the best methods to resolve filing omissions.
This session will cover:
The multiple tax filing requirements for taxpayers with foreign income and assets
The filing requirement of foreign trusts, corporations and partnerships, and their beneficiaries/partners/shareholders
What to do when clients who should have filed didn’t, and how to correct these failures
The current disclosure options available to taxpayers including the current Offshore Voluntary Disclosure Program, streamlined disclosures, and quiet disclosures
The ramifications for the non-compliant client should their failure be discovered by the IRS
The facts to determine the best disclosure option for each client
How to reduce penalties using the IRS’s soon-to-expire voluntary compliance programs
Robert E. McKenzie is a Partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state tax agencies. He has lectured extensively on the subject of tax representation and has presented courses be...