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WHEN IS THE UPDATED VOLUNTARY DISCLOSURE PRACTICE THE BEST CHOICE?

CPE Processing Fee$10.00
Webinar TranscriptionN/A
Presentation Length Hour(s)1.0 hour
CPE1.0
1 hour for EAs (Federal Tax Update)
Course Id# - HURS9-U-00476-19-S
Subject AreaTaxes
Course LevelBasic
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateJun 20, 2019
Date OfferedAug 07, 2019
Course Description

In November 2018, the IRS changed its long-standing voluntary disclosure practice for both domestic and offshore voluntary disclosures. The new guidance provides less procedural detail and penalty assurance than the old OVDP but also sets out a general framework for handling all voluntary disclosures. This panel discusses the details of the new IRS practice, when it is the right choice for your clients, and what other alternatives may be available.

Learning Objectives

  • Identify IRS efforts to pursue non-compliant taxpayers, as well as clients’ options for reaching compliance via updated Voluntary Disclosure Practice and other programs.

6
Handout Materials
Presentation Slides
Review Questions
Review Questions
QUESTION 1: 0:17:00 minutes
QUESTION 2: 0:41:00 minutes
QUESTION 3: 0:55:00 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Carolyn Schenck

IRS
Assistant Division Counsel (International)

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CAROLYN A. SCHENCK has been employed by the Internal Revenue Service Office of Chief Counsel for 13 years.  She is currently Assistant Division Counsel (International) in the Small Business/Self Employed Division and has been assigned for the last 11 as counsel to the Service’s Offshore Compliance Initiatives.  Carolyn is responsible for coordination and management of all international and offshore tax and Report of Foreign Bank and Financial Accounts (FBAR) matters under the jurisdiction of SB/SE Division Counsel.  She ensures that SB/SE attorneys consistently apply law and policy in international and offshore tax and FBAR matters, including non-docketed cases and cases docketed in the U.S. Tax Court, U.S. District Courts, the Court of Federal Claims, and the U.S. Courts of Appeals.  Carolyn also provides guidance to and serves as the principal legal advisor and contact point on international and offshore tax and FBAR matters to the SB/SE Division and the Withholding and International Individual Compliance function of the LB&I Division.  Her international work also involves John Doe summons actions, the Service’s Offshore Voluntary Disclosure programs and Streamline Filing Compliance Procedures, working with IRS Treaty partners on cross-border issues and cases, and conducting nationwide trainings for attorneys and agents on investigative techniques, evidence, and substantive tax issues.  She has litigated numerous cases in U.S. Tax Court on behalf of the IRS. She also works with IRS special enforcement agents on cases involving fraud, foreign accounts, and foreign reporting penalties; she also assists the Department of Justice in cases involving criminal tax prosecutions, injunctions, summons enforcement, and abusive tax return preparers and promoters.  She has been an Adjunct Professor at Pepperdine University School of Law for Honors Appellate Advocacy.  Prior to joining the IRS, she was an Attorney for the Securities and Exchange Commission, Division of Enforcement.  She also worked for Chief Judge Alex Kozinski of the Ninth Circuit and Chief Judge H. Robert Mayer of the Federal Circuit Courts of Appeals.  Before her law career, Ms. Schenck worked for U.S. Senator John McCain and as a weapons analyst.  She is a member of the California and Maryland state bars and holds a J.D. from Pepperdine University School of Law, and a B.S. summa cum laude from Northern Arizona University.

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Lawrence (“Larry”) Sannicandro is an associate in the Tax, Employee Benefits & Private Clients Practice Group who concentrates his practice on tax controversy and tax planning matters.  He represents businesses, estates, trusts, and individuals at all stages of tax controversies, including in audits, before the IRS Office of Appeals, and in litigation before the United States Tax Court, the U.S. Court of Federal Claims, the U.S. District Courts, and the U.S. Courts of Appeals. 

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Larry Campagna has established a reputation as an authoritative litigator in matters of business litigation and white collar criminal defense, as well as federal, state and local tax controversies.  Over the past 40 years, he has resolved thousands of civil and criminal litigation matters, many of which involved sophisticated and complex legal issues that established precedent in courts at the federal, state and local levels.   

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Emily P. Hughes is a partner in the Washington, D.C., office of Kirkland & Ellis LLP. Her practice focuses on counseling and advising on complex litigation matters and tax controversies, as well as general corporate representations, private investment structuring, and charitable structuring, governance, and giving for private/family owned companies, ultra high net worth individuals, and nonprofits.

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About Our Presenter

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For nearly 85 years, the NYU School of Professional Studies has been a deeply respected institution of higher education that is grounded in applied learning. It has served as a source of empowerment for individuals from NYC, across the country, and around the world, who aspire to become the next generation of leaders and innovators of industry.

Throughout its rich history, NYUSPS has met the needs of the students and the professional communities it serves. From its early years, training returning World War II veterans to fulfill the nation’s urgent need for skilled technical workers, it has evolved into a professional education powerhouse that offers 19 graduate degrees, 13 bachelor’s degrees, four associate’s degrees, and a plethora of non-degree courses and credentials. It is focused on building skills that open doors to opportunities in emerging fields and global markets.