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Chamberlain Hrdlicka September 19, 2019 West Loop (Galleria) Tax Forum - Houstonian
Chamberlain Hrdlicka's West Loop (Galleria) Tax Forum at the Houstonian from 7:00-9:00 a.m. will take place on Thursday, September 19, 2019.
Speakers: Sebastien Chain and Larry Sherlock
Topic: New IRS Voluntary Disclosure Practice: Domestic Criminal Violations, Foreign Accounts and Cryptocurrency
Late in 2018, the IRS ended its Offshore Voluntary Disclosure Program for willful violations of foreign bank account reporting, but leaving in place its existing practices for reporting non-willful violations. A few months later it put in place a new regime for reporting potential criminal violations of all tax-related activity, whether domestic or offshore.
In the last couple of months, the IRS has started pursuing owners of cryptocurrency accounts who have not fully reported the tax consequences of activity in those accounts. We’ll explore all these developments and how taxpayers can come into compliance with their tax reporting obligations, regardless of whether the original failure was willful or not.