Norris, McLaughlin & Marcus Tax and International Law Groups Hosts an Encore Panel on U.S. Offshore Unreported Income Issues
Due to the overwhelming demand for guidance with respect to the heightened enforcement action of the Internal Revenue Service and the United States Department of Justice with respect to the ownership of offshore and foreign accounts, Norris McLaughlin & Marcus (“NM&M”) presented an encore performance of its seminar entitled “Offshore Unreported Income Issues: Protecting Against Criminal and Civil Liability In Today’s Expanding Enforcement Environment.” The panel, moderated by Bob Gabrielski, Chair of the Business and International Law Groups of NM&M, advised accountants, tax preparers and other professionals in the tax field, on how to report income related to offshore financial accounts and assets including participating in the just announced reopening of the IRS Offshore Voluntary Disclosure Program (“OVDP”).
The panel, which included NM&M Member Melinda Fellner Bramwit discussed OVDP issues, reporting foreign financial accounts, and voluntary disclosure options. Vinay Navani, a member of the accounting firm Wilkin & Guttenplan, provided guidance from the accountant’s perspective regarding the compliance process for offshore accounts. Ted Margolis, a member of NM&M and former Chief Assistant United States Attorney of New Jersey, discussed tax fraud issues pertinent to tax advisors of clients owning offshore assets, as well as the government’s position on some of those critical issues.
Overall, the panel provided guidance on:
- New IRS OVDP and participation considerations;
- New legislation and activity regarding the offshore account issues;
- Tax advisor’s role in offshore tax compliance;
- Tax advisor’s role when faced with potential tax fraud cases;
- How the tax advisor can protect himself when a client has engaged in potential tax fraud; and
- When and how the attorney client privilege attaches with a Kovel Letter under United States v. Kovel.
If you would like more information regarding the IRS Offshore Voluntary Disclosure Program or if you have any concerns regarding offshore accounts or assets, please contact us.