New York, NY, August 18, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Brian J. Levy of Morris, Manning & Martin, LLP will speak at the Knowledge Congress’ webcast entitled: “Offshore Voluntary Disclosure Program (OVDP) : An Update LIVE Webcast.” This event is scheduled for October 28, 2015 from 10:00 AM – 12:00 PM (ET).
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About Brian J. Levy
Brian J. Levy is a senior associate at Morris, Manning & Martin, LLP in Atlanta, where he is a member of the firm’s tax and litigation practice groups. Mr. Levy represents taxpayers before the United States Tax Court and in administrative proceedings before the Internal Revenue Service and state and local taxing authorities. Mr. Levy also advises clients on FBAR and FATCA compliance issues, including participation in the Offshore Voluntary Disclosure Program (OVDP).
Prior to joining the firm, Mr. Levy was a staff attorney for the United States Court of Appeals for the Eleventh Circuit. He received his law degree from the William and Mary Law School, where he was a member of the law review, and his undergraduate degree from the University of Virginia.
About Morris, Manning & Martin
Morris, Manning & Martin (MMM) is an AmLaw 200 law firm with national and international reach. The firm is dedicated to the constant pursuit of its clients’ success. To provide clients with optimal value, the firm combines market-leading legal services with a total understanding of clients’ needs to maximize effectiveness, efficiency and opportunity.
MMM enjoys national prominence for its tax, intellectual property, litigation, technology, real estate, corporate, healthcare, energy & infrastructure, capital markets, environmental, insurance, and timberland & forest products practices. The firm has offices in Atlanta, Raleigh-Durham, Savannah, Beijing and Washington, D.C. and an alliance with GCN in São Paulo, Brazil.
In June 2014, the Internal Revenue Service (IRS) unveiled the modified Offshore Voluntary Disclosure Program (OVDP) along with the Streamlined Filling Compliance Procedures (SFCP). The updated procedures for OVDP and SFCP provides new option to help both taxpayers residing overseas and those residing in the U.S. with their tax obligations in the United States. Major changes were made to the conditions in the SFCP. One of which eliminates the requirements for tax payers to have $1,500 or less of unpaid tax per year. As part of the modification, penalties for eligible U.S. tax payers overseas will be waived and for the resident taxpayers, a miscellaneous offshore penalty equal to 5% of the foreign financial assets that gave rise to the tax compliance issue. Other modifications in the OVDP requires taxpayers to submit all accounts statements and pay offshore penalties at the time of the OVDP applications. Offshore penalty percentage were increased from 27.5% to 50%.
With this arising complexities in OVDP, U.S. residents and citizens holding any assets overseas should take proper legal advice to determine the best method in order to comply with the requirements set by the IRS.
In a two-hour Live Webcast, a seasoned panel of thought leaders and professionals assembled by The Knowledge Group will offer the audience with an in-depth discussion of the legal issues and latest updates in the modified Offshore Voluntary Disclosure Program (OVDP). The speakers will also provide noteworthy insights on how to best comply with the updated OVDP procedures.
Key topics include:
• Offshore Voluntary Disclosure Program (OVDP) – An Overview
• Modifications to the OVD Program
• Transitional Rules for OVDP Eligible Participants
• OVDP Closing Agreements
• Tax Relief for Qualified OVDP Participants
• Failure to Report Gross Income – Sanctions
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org/
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