New York, NY, September 22, 2015 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Lewis Kevelson, Partner, Marcum 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 Lewis Kevelson
Lewis B. Kevelson is a Partner in Marcum’s Tax and Business Services Division. Mr. Kevelson has 20 years of experience providing guidance to clients in a wide range of financial, tax and estate matters. He focuses his practice on international taxation, with a concentration on non-U.S. individuals and enterprises doing business and investing in the U.S. and U.S. individuals and enterprises doing business abroad.
A substantial part of Mr. Kevelson’s practice is advising foreign investors and foreign businesses in tax strategies for the acquisition, operation and disposition of U.S. real estate. International clients also rely on Mr. Kevelson for advice on structuring new U.S. business ventures.
Mr. Kevelson also provides income tax planning and compliance services to U.S. executives working abroad and to U.S. corporations with foreign subsidiaries and joint ventures.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the United States. Headquartered in New York City, Marcum LLP offers the resources of 1,300 professionals, including more than 160 partners, in 23 full-service offices in major business markets throughout the U.S., Grand Cayman and China. Marcum is a member of the Marcum Group, an organization providing a comprehensive range of professional services spanning accounting and advisory, technology solutions, wealth management, and executive and professional recruiting. The Marcum Group companies include Marcum LLP, Marcum Technology LLC, Marcum Search LLC, Marcum Staffing LLC, Marcum Financial Services LLC, Marcum Bernstein & Pinchuk LLP, and MarcumBuchanan Associates LLC.
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/