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Norris McLaughlin Hosts Panel on U.S. Off-Shore Unreported Income Issues

Posted on February 10th, 2012 | Author: Robert C. Gabrielski

Norris, McLaughlin & Marcus Tax and International Law Groups Hosts Panel on U.S. Off-Shore Unreported Income Issues: Protecting Against Civil and Criminal Liability in Today’s Expanding Enforcement Environment

In light of the ongoing U.S. Department of Justice and U.S. Treasury initiatives regarding access to foreign financial account information, Norris McLaughlin & Marcus presented a breakfast 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 Norris, McLaughlin & Marcus, 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 case issues pertinent to tax advisors of clients owning off-shore 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 off-shore account issues;
  • Tax advisor’s role in off-shore tax compliance;
  • Tax advisor’s role when faced with potential tax fraud cases; and
  • How the tax advisor can protect himself when a client has engaged in potential tax fraud.

If you would like more information regarding the IRS OffSore Voluntary Disclosure Program or if you have any concerns regarding offshore accounts or assets, please contact us.