2011 Offshore Voluntary Disclosure Initiative (OVDI) and Update on Report of Foreign Bank and Financial Accounts (FBAR) Guidance
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The American Bar Association Section of International Law will host this teleconference on Wednesday, March 16, 2011 from 11:00 a.m. to 12:30 p.m. Eastern. They have assembled an expert panel of practitioners and IRS, including:
Samuel Berman, IRS Special Counsel, SB/SE Division Counsel
John McDougal, IRS Special Trial Attorney, SB/SE Division Counsel
Neil Sullivan, Chair of the AICPA FBAR Task Force
Kevin Packman, Member of the AICPA FBAR Task Force
Carolyn Turnbull, Member of the AICPA FBAR Task Force
The 2011 OVDI, which offers penalty reduction for taxpayers who come into compliance, was announced on February 8, 2011 and ends on August 31, 2011. Prior year overlooked and delinquent FBARs, Forms 3520, 3520-A, 5471, 5472, 926 and 8865 as well as unreported foreign income may be reported through the OVDI. Understand the consequences of participating in the OVDI, as well as the risks associated with not complying.
The Financial Crimes Enforcement Network issued final regulations on February 23, 2011 that impact calendar 2010 FBARs. Learn who and what are "U.S. persons" for FBAR purposes, and the expansion of "financial interest".
The AICPA Tax Section is a supporter of this teleconference. AICPA Tax Section members will be able to register at the reduced price of $30. All other AICPA members can register for $40
. Note that the registration process is through the ABA's website (see link above). For those that have never registered for an ABA teleconference in the past, you will need to fill out a "New Customer" form during the teleconference registration process.
Please note that CPE and CLE will not be available for this event.