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Niles Elber Discusses More Guidance Coming on Modified OVDP and Streamlined Filing

September 23, 2014, Worldwide Tax Daily

Caplin & Drysdale's Niles A. Elber recently moderated a panel during the fall ABA Tax Section meeting in Denver concerning the modified offshore voluntary disclosure program and expanded streamlined filing compliance program. For the complete article, please visit Worldwide Tax Daily's website (subscription required).

Excerpt taken from the article "ABA Meeting: More Guidance Coming on Modified OVDP and Streamlined Filing" by Kristen A. Parillo for Worldwide Tax Daily.

Streamlined vs. Transitional Process

The panel's moderator, Niles A. Elber of Caplin & Drysdale, said that some practitioners have heard that the review of taxpayers applying for transitional treatment under the OVDP will be significantly different from those who apply directly to the streamlined program. He asked why the review process would differ.

Best said a big factor is that the transitional case started as an OVDP case. "We look at every single OVDP submission and do a certification," she explained. For OVDP taxpayers who request transitional treatment, the IRS will need to concur on the non-willful statement before agreeing to give the 5 percent penalty under the streamlined program, she said.

"The difference is that streamlined is a processing procedure," Best said. "The taxpayer needs to submit their non-willful certification. We're going to look at some of those, but we're not going to be doing a certification or audit of every single one of those submissions."

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