Foreign Information Return Penalties After Farhy: Impact of DC Circuit Court Decision
Recording of a 110-minute CPE webinar with Q&A
This webinar will examine the impact of Farhy v. Commissioner on foreign information return reporting penalties and detail the actions international tax practitioners need to take in light of this case, including the recent D.C. Circuit Court ruling. Our panel of prestigious tax attorneys from the firm representing Alon Farhy will explain how this case impacts foreign information return reporting, including penalties assessed in the past and pro-active steps practitioners should take for their international clients.
Outline
- General Overview of International Information Return Penalties
- The IRS Views All International Reporting Penalties as Assessable Penalties
- Farhy v. Commissioner Upsets the IRS’s Approach (Tax Court Background)
- Farhy v. Commissioner at the D.C. Circuit
- Implications If Appealed to U.S. Supreme Court
Benefits
The panel will cover these and other critical issues:
- How does the Farhy decision affect current and past late-filed foreign information returns?
- How many past years could possibly be eligible for refunds?
- What is the current status of Fahry v. Commissioner?
- Which clients are eligible for refunds or abatement of previously assessed penalties?
- What steps should tax advisers take to ensure clients receive refunds for previously filed returns?
- How can practitioners ensure clients are not assessed penalties for current and late filed Forms 5471?
Faculty
Michael Greenwade
Attorney
Hochman Salkin Toscher Perez
Mr. Greenwade concentrates his practice in civil tax litigation and criminal tax controversies. He is... | Read More
Mr. Greenwade concentrates his practice in civil tax litigation and criminal tax controversies. He is experienced in representing clients with regard to tax audits and examinations, deductibility of business expenses, substantiation of cost basis, captive insurance, and trust and estate fiduciary issues, ranging from constructing expense details at the audit level to drafting a petition for the writ of certiorari to the United States Supreme Court. Prior to joining the firm, Mr. Greenwade gained tax and criminal litigation experience as a law clerk with Carico Macdonald Kil& Benz LLP, a probate litigation and trust and estate planning firm, and as a law clerk with the Los Angeles County District Attorney’s Office, where he assisted and strategized with lead prosecutors in high-profile cases in the Major Crimes Division. Mr. Greenwade is a graduate of University of Southern California (USC) Gould School of Law, where he was a Tax Policy Research Assistant with Professor Edward J. McCaffery, Esq., and the Executive Director at The People’s Tax Page, as well as a recipient of the California Bar Foundation 1L Diversity Scholarship. He also graduated Cum Laude from USC Marshall School of Business with his Bachelor of Science in Business Administration with an emphasis in finance.
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Robert Horwitz
Principal
Hochman Salkin Toscher Perez
Mr. Horwitz has over 35 years of experience as a tax attorney specializing in the representation of clients in civil... | Read More
Mr. Horwitz has over 35 years of experience as a tax attorney specializing in the representation of clients in civil and criminal tax cases, including civil audits and appeals, tax collection matters, criminal investigations, administrative hearings and in civil and criminal trials and appeals in federal and state courts. He has served as a member of the Executive Committee of the Taxation Section of the State Bar of California and was Chair of the Taxation Section for 2015-2016 year. Mr. Horwitzwas previously Chair of the Tax Procedure and Litigation Committee of the State Bar Taxation Section. Prior to joining Hochman Salkin Toscher Perez P.C., Mr. Horwitz was with a boutique tax controversy firm in Orange County, where he represented clients in civil and criminal tax cases in the U.S. Courts of Appeal, U.S. district courts, California superior courts, and before the Internal Revenue Service, the California Franchise Tax Board, the Board of Equalization, the Employment Development Department and the Unemployment Insurance Appeals Board. He has been a speaker on tax matters at the UCLA Tax Controversy Institute, the Annual Meeting of the Taxation Section of the California Bar and the California State Bar Annual Meeting. Mr. Horwitz has authored articles on tax law that have appeared in diverse publications, including Tax Notes, the Federal Lawyer (the publication of the Federal Bar Association), and the California Tax Lawyer. His monograph in “Responsible Persons and Fiduciary Liability” was published in the Proceedings of the New York University 75th Institute on Federal Taxation. Mr. Horwitz was an invited delegate to the 2015 U.S. Tax Court Judicial Conference. He is a member of the Planning Committee of the UCLA Tax Controversy Institute. Mr. Horwitz is a member of the bar in California and in Illinois. He is admitted to practice in the United States District Courts for the U.S. Supreme Court, the U.S. Courts of Appeal for the Seventh, Ninth and Federal Circuits, the U.S. District Courts for the Central, Southern, Northern and Eastern Districts of California, the U.S. Court of Federal Claims and the U.S. Tax Court. He was named a Southern California Super Lawyer 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018.
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Edward M. Robbins, Jr.
Principal
Hochman Salkin Toscher Perez
Mr. Robbins has considerable experience handling sensitive issue civil examinations and administrative appeals, civil... | Read More
Mr. Robbins has considerable experience handling sensitive issue civil examinations and administrative appeals, civil trials and appeals defending complex criminal tax investigations, civil trials and appeals, and defending criminal tax prosecutions (jury and non-jury). He has successfully handled literally hundreds of matters involving previously undeclared interests in foreign financial accounts and assets.
Representation currently includes Federal and California civil tax and criminal tax litigation together with civil tax and criminal tax controversy administrative matters before the Internal Revenue Service, the California Franchise Tax Board, the California State Board of Equalization, California Employment Development Department and various state taxing authorities of individuals, business enterprises, partnerships, limited liability companies, and corporations. Representation also includes individuals and organizations involved as targets, subjects, or witnesses in Federal and California criminal investigations and related grand jury and pre-trial proceedings, trials and appeals. In the world of civil tax and criminal tax investigations, Mr. Robbins has truly touched every conceivable issue during his lengthy and successful career.
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