New York, NY, August 18, 2015 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Brian J. Levy of Morris, Manning & Martin, LLP will speak at the Knowledge Congress’ webcast entitled: “Offshore Voluntary Disclosure Program (OVDP) : An Update Live Webcast.” This event is scheduled for October 28, 2015 from 10:00 AM - 12:00 PM (ET).
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About Brian J. Levy
Brian J. Levy is a senior associate at Morris, Manning & Martin, LLP in Atlanta, where he is a member of the firm’s tax and litigation practice groups. Mr. Levy represents taxpayers before the United States Tax Court and in administrative proceedings before the Internal Revenue Service and state and local taxing authorities. Mr. Levy also advises clients on FBAR and FATCA compliance issues, including participation in the Offshore Voluntary Disclosure Program (OVDP).
Prior to joining the firm, Mr. Levy was a staff attorney for the United States Court of Appeals for the Eleventh Circuit. He received his law degree from the William and Mary Law School, where he was a member of the law review, and his undergraduate degree from the University of Virginia.
About Morris, Manning & Martin
Morris, Manning & Martin (MMM) is an AmLaw 200 law firm with national and international reach. The firm is dedicated to the constant pursuit of its clients’ success. To provide clients with optimal value, the firm combines market-leading legal services with a total understanding of clients’ needs to maximize effectiveness, efficiency and opportunity.
MMM enjoys national prominence for its tax, intellectual property, litigation, technology, real estate, corporate, healthcare, energy & infrastructure, capital markets, environmental, insurance, and timberland & forest products practices. The firm has offices in Atlanta, Raleigh-Durham, Savannah, Beijing and Washington, D.C. and an alliance with GCN in São Paulo, Brazil.
In June 2014, the Internal Revenue Service (IRS) modified its Offshore Voluntary Disclosure Program (OVDP) and unveiled new Streamlined Filling Compliance Procedures (SFCP). These changes provide new options for both U.S. residents and U.S. taxpayers residing overseas who need help with the U.S. tax obligations related to their offshore holdings.
Major changes to the SFCP include eliminating the requirement that taxpayers have $1,500 or less of unpaid tax per year. Also, penalties for eligible U.S. taxpayers residing overseas will be waived, and SFCP-eligible U.S. residents can qualify for a reduced 5% miscellaneous offshore penalty assessed on their offshore assets, which is much lower than the OVDP's base 27.5% penalty.
The IRS's OVDP changes include required upfront penalty payments, and all OVDP participants must now submit their foreign account statements for IRS review. And for foreign accounts at certain offshore banks, OVDP participants must now pay a 50% penalty in lieu of the base 27.5% penalty.
More than ever, U.S. residents and citizens holding offshore assets need proper legal advice to navigate the IRS's new offshore compliance labyrinth. New complexities and traps for the unwary abound.
In a two-hour live Webcast, a seasoned panel of thought leaders and professionals assembled by The Knowledge Group will offer the audience an in-depth discussion of the legal issues and latest updates in offshore compliance. The speakers will also provide noteworthy insights on how to best comply with the updated OVDP and SFCP procedures.
Key topics include:
• Offshore Voluntary Disclosure Program (OVDP) - An Overview
• Modifications to the OVDP Program
• The Streamlined Filing Compliance Procedures
• Transitional Rules for OVDP Eligible Participants
• OVDP Closing Agreements
• Tax Relief for Qualified OVDP Participants
• Potential Civil and Criminal Penalties for Tax Reporting Failures
About The Knowledge Group/The Knowledge Congress Live Webcast Series
The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org/