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Worldwide Tax Daily Quotes Scott Michel on Updated OVDP

June 23, 2014, Worldwide Tax Daily

Scott D. Michel is quoted by Worldwide Tax Daily concerning the IRS's new guidance on offshore account disclosures from comments made at New York University's 6th Annual Tax Controversy Forum. The forum featured two IRS officials, Jennifer Best and John McDougal, who answered questions about the updated offshore voluntary disclosure program (OVDP). For the complete article, please visit Worldwide Tax Daily's website (subscription required).

Excerpt taken from the article.

The updates significantly change how U.S. taxpayers, whether they live in or outside the United States, should evaluate their options and consider the appropriate paths for bringing themselves back into compliance with foreign bank account tax obligations, said Scott D. Michel of Caplin & Drysdale. "Suddenly we have a material change in the landscape," he said.

Michel asked for further guidance on what was needed to certify non-willfulness under penalty of perjury. John McDougal, special trial attorney and division counsel, IRS Small Business and Self-Employed Division, said that he defines non-willfulness as applying to someone who isn't really worried about being prosecuted.

Michel asked Best about what's been referred to as the Canadian snowbird dilemma, which the expanded streamlined procedures don't address. In this situation, snowbirds -- Americans who have lived in Canada most of their lives and never filed U.S. tax returns -- happen to own property in the United States where they spend a small amount of time each year.

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