Up-Close Look at the New IRS Voluntary Disclosure Program: Unraveling New Provisions and Hot Issues

Key issues that will be covered in this course are:

• New IRS Voluntary Disclosure Program: Legal Overview
• How to Navigate Current Program Options
• Necessary Tools and Best Practices to Mitigate Penalties
• Best Options for Resolving Non-Compliance
• Tips to Prepare for What's Ahead

Runtime: 55 minutes
Recorded: August 4, 2022

For NY - Difficulty Level: For experienced attorneys only (nontransitional)

The aggressive focus against tax evasion and other criminal activities around the globe is likely to continue. In the U.S., the crackdown on taxpayers who fail to report offshore financial assets and accounts remains to be a top priority for the Internal Revenue Service (IRS) Criminal Investigation Department, including non-compliant virtual currency that should be disclosed under the expanded cryptocurrency reporting.

The stiffer penalties that await violators and non-compliant entities underscore the need for all concerned individuals to ensure reporting transparency and due diligence. They should also stay well-versed with the recent developments in foreign assets as well as current program options to ensure compliance considering the complex and evolving nature of the current disclosure system and requirements.

In this program, seasoned tax attorney Shannon Smith (Withersworldwide) will unravel the new provisions and hot issues in the new IRS voluntary disclosure program. The speaker will also provide the best compliance tips to mitigate risks and pitfalls.

This program was recorded on August 4, 2022.

The Knowledge Group