New York, NY, September 18, 2015 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Allen Sullivan, Partner, Burr & Forman LLP will speak at the Knowledge Group’s 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 Allen Sullivan
Allen Sullivan is a Partner in Burr & Forman’s Corporate and Tax Practice Group with a focus on tax planning, tax controversy and litigation, and international tax. Allen’s tax controversy and litigation background includes individual, business, international, and estate taxes. Allen’s efforts on this front include audit representation, IRS appeals negotiations, collections matters, penalty abatements (domestic and international), and Tax Court litigation, to name a few.
In addition, his experience includes offshore account and foreign entity compliance. He has represented dozens of U.S. citizens and residents, dual citizens and their families, and related entities in properly reporting their offshore holdings and in reconciling previous compliance missteps, failures, and deficiencies. Allen’s offshore compliance practice also includes expertise in the IRS’s Offshore Voluntary Disclosure Initiatives for persons with unreported foreign entities and bank accounts, and the IRS’s new Streamlined Program.
About Burr & Forman LLP
For over a century, Burr & Forman LLP’s experienced legal team has served clients with local, national, and international interests in numerous industry and practice areas, ranging from commercial litigation and class actions to corporate transactions, including bankruptcy and restructurings. A Southeast regional firm with nearly 300 attorneys and nine offices in Alabama, Florida, Georgia, Mississippi, and Tennessee, Burr & Forman attorneys draw from a diverse range of resources to help clients achieve their goals and address their complex legal needs. For more information, visit the firm’s website at www.burr.com.
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 Group 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 for an event, please visit: http://theknowledgegroup.org/