On June 25, 2022, Caroline D. Ciraolo participates in a panel entitled “IRS Compliance for Offshore Trusts and Gifts” at the 2022 Annual Meeting and Education Conference for the American Academy Of Attorney-CPAs .

Description:

In January 2017, the IRS Large Business & International Division (“LB&I”) announced the first 13 compliance campaigns – issue-based examinations and deployments of resources to areas that present a level of risk or need for education. On May 21, 2018, LB&I announced the approval of the Form 3520/3520-A compliance and campus-assessed penalties campaign. This campaign was focused on the information returns associated with foreign trusts and foreign gifts and designed to “take a multifaceted approach to improving compliance with respect to the timely and accurate filing of information returns reporting ownership of and transactions with foreign trusts.” This panel reviews the foreign trust and foreign gift reporting obligations, the potential penalties and defenses, recent enforcement actions, and what lies ahead for taxpayers seeking to come into compliance.

Panelists:

Richard Chisholm, JD, WardChisholm LLP
Caroline D. Ciraolo, LLM, JD, Kostelanetz & Fink, LLP
Dan Rosefelt, Esq., CPA, Rosefelt Tax Law

Click here for more information and to register.