ARLINGTON, Va., Feb. 10, 2011 /PRNewswire-USNewswire/ -- The Internal Revenue Service has announced a new offshore account voluntary disclosure program targeting non-compliant U.S. taxpayers with unreported offshore accounts and entities. In a new webinar from BNA Tax & Accounting, Rick A. Raven, Deputy Chief of the Criminal Investigation Division of the Internal Revenue Service, will be joined by a panel of private practitioners in Evaluating the Second Voluntary Disclosure Initiative to discuss the new IRS initiative that follows the highly successful 2009 offshore voluntary disclosure program.
By coming forward under the new initiative prior to the IRS receiving information as to a taxpayer's non-compliance, U.S. taxpayers have an opportunity to pay a predictable set of civil taxes, interest, and penalties and mitigate the risk of criminal prosecution.
"The new program is only open until August 31, 2011," says Fred Murray, webinar panelist and former Deputy Assistant Attorney General at the Tax Division, Department of Justice, and Special Counsel on the staff of the Chief Counsel. "In order to achieve the benefits of the new program and clean up their foreign filings, taxpayers and their advisers need to give this their immediate attention."
This BNA webinar offers trust officers, family office advisors, and consultants to high-net worth individuals an unparalleled opportunity to gain direct insight from experienced professionals into the details of the government's new program.
In 60-90 minutes, the panelists will:
- Review the eligibility requirements for entering the program
- Summarize the procedural and substantive elements of the new program
- Identify issues that taxpayer should assess in considering their options
- Review the FAQs related to the initiative
"The purpose of the new initiative to encourage taxpayers that have undisclosed foreign accounts or foreign entities to come forward and become compliant with U.S. tax laws. Although the potential penalties will, in most cases, be greater than those under the 2009 program, the IRS hopes that its new initiative and continuing enforcement efforts will encourage recalcitrant taxpayers to resolve their U.S. tax problems," said BNA Tax & Accounting managing editor Harold W. Pskowski.
Rick A. Raven, Deputy Chief, Criminal Investigation Division, Internal Revenue Service
Diana Erbsen, DLA Piper LLP (US)
Mark E. Matthews, Morgan, Lewis & Bockius LLP, Washington, D.C., former Deputy Commissioner of IRS and former Deputy Assistant Attorney General at the Tax Division of the Department of Justice
Fred F. Murray, Grant Thornton, LLP, former Deputy Assistant Attorney General at the Tax Division, Department of Justice, and Special Counsel on the staff of the Chief Counsel, IRS
Alan Winston Granwell (moderator), DLA Piper LLP (US).
Evaluating the Second Voluntary Disclosure Initiative will take place Friday, February 18, 2011, from 11:30 am - 1:00 pm, ET. To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/irs-voluntary-disclosure-program-webinar/?open&cmpid=tmtxpr2011 or call 1-800-372-1033, menu Option 6, then Option 1. The per site fee is $249.
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About BNA Tax & Accounting Webinars
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits - all from the convenience of their own office or conference room.