The IRS maintains an Offshore Voluntary Disclosure Program (OVDP) whereby eligible taxpayers can self-declare previously undeclared foreign assets in return for lower penalties. The more recent “Streamlined” procedures allow for even lower or no penalties – provided that the taxpayer’s past non-compliance was “non-willful”. In this webinar, you’ll learn about the considerations around the OVDP and the recent Streamlined Procedures. Upon completion of the course, you’ll be able to:
- Explain the difference between the OVDP and the Streamlined Procedures in reporting foreign assets to the IRS
- List the eligibility requirements for the Streamlined Procedures
- Explain the difference between the Streamlined Domestic Offshore Procedures (SDOP) and the Streamlined Foreign Offshore Procedures (SFOP)
- Discuss the critical concept of “non-willfulness”
- List the risks involved in the Streamlined Procedures
- Describe the requirements of the Streamlined Procedures and how to make a successful Streamlined submission.
The webinar will be on Monday, July 17, 2017 at 1pm Eastern Standard Time.
For more information, please click here.