The IRS maintains an Offshore Voluntary Disclosure Program (OVDP) whereby eligible taxpayers can self-declare previously undeclared foreign assets in return for lower penalties. The more recent “Streamlined” procedures allow for even lower or no penalties – provided that the taxpayer’s past non-compliance was “non-willful”. In this webinar, you’ll learn about the considerations around the OVDP and the recent Streamlined Procedures. Upon completion of the course, you’ll be able to:
- Explain the difference between the OVDP and the Streamlined Procedures in reporting foreign assets to the IRS
- List the eligibility requirements for the Streamlined Procedures
- Explain the difference between the Streamlined Domestic Offshore Procedures (SDOP) and the Streamlined Foreign Offshore Procedures (SFOP)
- Discuss the critical concept of “non-willfulness”
- List the risks involved in the Streamlined Procedures
- Describe the requirements of the Streamlined Procedures and how to make a successful Streamlined submission
CPE & CLE Credit: Participants can earn up to 1.5 CPE credits in the Taxes field of study. Please note that CPE credit is only available for viewing the live program. Attorneys can earn CLE credits for this course.
100% Money-Back Cancellation and Refund Policies: If you can’t make the live webinar, you may cancel at any time before the webinar begins for a full refund. If you are not satisfied with the webinar, we will provide you a full refund. For more information regarding refund, complaint and program cancellation policies, please call us at 703-372-0550.
Program Level: Beginner
Advanced Preparation: None
Instructional Method: Group-Internet Based
National Registry of CPE Sponsors: Clear Law Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.