1 / 13

Current Landscape of International Compliance

Current Landscape of International Compliance. Current Trends and Developments Under the IRS Voluntary Disclosure Programs. 2012 OVDI. OVDI still available 2012 version, higher penalty regime. Indefinite time frame but not permanent. FATCA increases urgency.

kedem
Download Presentation

Current Landscape of International Compliance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Current Landscape of International Compliance Current Trends and Developments Under the IRS Voluntary Disclosure Programs

  2. 2012 OVDI • OVDI still available • 2012 version, higher penalty regime. • Indefinite time frame but not permanent. • FATCA increases urgency. • Going in through the “right door”. • Some taxpayers have been rejected (IRS Summonses; IRS has taxpayer names but audit not yet open)

  3. 2012 Streamlined Disclosure Program • Who qualifies? • Benefits and risks • Statute of Limitations considerations • No Criminal Pre-clearance • Reversing assessments from prior programs

  4. What’s Up With the Old Submissions? • 2009 and 2011 programs • Many cases still pending • Agent contacts (varies) • IDRs • Closing agreements • Strategies

  5. Intraction with Revenue Agents • Trends • Kovel Agreements • Correspondence and communications • Documenting the file/IRS Form letters

  6. Opting Out • What is an “opt-out”? • If you do not agree with OVDI adjustments, Agent will consider opt-out or removal. • Pros and cons of opting out • Importance of frank discussion with client • Importance of gaining Revenue Agent insights.

  7. The Key: Reasonable Cause • “Willfulness” standard and its importance • “Reasonable Cause” standard • Establishing facts supporting reasonable cause • IRM directives to agents • Use remedy necessary to ensure compliance • Use Title 26 Section 6662 definition and case law

  8. Centralized Review Committee • What is centralized review? • Processing of cases • Significance of case development • Controlling what’s in the administrative file

  9. Administrative and Judicial Remedies • Program resolutions • Removal/opt out • IRS Administrative Appeals • Tax Court • U.S. District Court / Court of Claims • Title 26 penalties • Title 31 penalties

  10. Treatment of Special Accounts • PFICs • Trusts • Corporate Accounts • Government-Sponsored Accounts • RRSP’s • Equivalents in other countries

  11. IRS Treatment of Quiet Disclosures • What’s a “quiet disclosure”? • History in context of prior OVDPs • Current audit trends of quiet disclosures • Possible remedies

  12. Recent Cases

  13. Parting Thoughts / Questions

More Related