Offshore Financial Assets: The IRS Offshore Voluntary Disclosure Program Ends September 28, 2018


May 16, 2018


Daniel J. Pilla

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes

Course Field of Study : Tax
Course Program Level : Basic


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.

In this session, Dan explain and analyze the IRS’s Offshore Voluntary Disclosure Program. This is the program that allows taxpayers to disclose to the IRS previously undisclosed foreign financial accounts. Qualified voluntary disclosures allow the taxpayer to potentially avoid criminal prosecution and reduce the substantial and onerous civil penalties that apply to undisclosed offshore accountants. Time is of the essence because the IRS will close down the program at the end of 2018.

Session Highlights:

  • 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
  • What are the potential civil and criminal penalties that apply to non-disclosure
  • Understanding both the IRS and Treasury Department reporting requirements
  • Who will qualify to be included in the voluntary disclosure program 
  • How the tier of penalties applies under the program 
  • Procedures for applying under the program
  • Specific factors to evaluate in determining whether a client should or should not apply
  • Helping the client understand his risks and options going forward

Who Will Benefit:

  • Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Attorneys
  • Financial Planners
  • Tax Preparers

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