Erika Litvak, Shareholder, Greenberg Traurig to Speak at KC’s FBAR Update: The New FBAR Regulations and IRS' 2011 Offshore Voluntary Disclosure Initiative Live Webcast

New York, NY, May 25, 2011 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Erika Litvak, Shareholder, Greenberg Traurig will speak at the Knowledge Congress’ webcast entitled: “Foreign Bank Account Reporting and Enforcement Update: The New FBAR Regulations and the Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative.” This event is scheduled on June 16, 2011 from 3:00 PM to 5:00 PM (ET). (For further details, please visit: http://www.knowledgecongress.org/event_2011_FBAR.html)

Event Synopsis:

All U.S. taxpayers are required to file an annual reporting form, called a Report of Foreign Bank and Financial Accounts (or FBAR), stating whether they have a financial interest in any bank accounts maintained in foreign countries. The failure to file this form annually is a felony and can also subject non-filers to substantial civil penalties.

Both the U.S. Justice Department and Internal Revenue Service have announced that foreign bank account reporting and compliance is a top enforcement priority. In 2009, the Justice Department entered into a Deferred Prosecution Agreement with UBS AG, Switzerland’s largest bank, in which UBS agreed that it had assisted thousands of U.S. taxpayers in committing tax evasion by maintaining secret bank accounts in Switzerland for decades. Since that time, over twenty criminal prosecutions have been filed against UBS accoun tholders, bankers, and investment advisors. Also in 2009, the IRS conducted a highly successful amnesty program for holders of undeclared foreign bank accounts. During the term of that program, over 15,000 individuals came forward and admitted that they had secret bank accounts in Switzerland and other foreign jurisdictions.

In February 2011, the Internal Revenue Service unveiled its 2011 Offshore Voluntary Disclosure Initiative, a long-awaited second amnesty program designed to encourage U.S. taxpayers with undisclosed foreign bank accounts to come into compliance with U.S. tax laws and avoid possible criminal prosecution. Shortly thereafter, the Treasury Department announced new regulations governing foreign bank account reporting which are effective for FBARs due to be filed by June 30, 2011. These new regulations make substantial changes to the foreign bank account reporting requirements and are effective immediately.

About Erika Litvak

Erika concentrates her practice on taxation, with special emphasis on international taxation. Erika assists individuals with off-shore income tax and estate planning, expatriation, pre-immigration planning, structuring investments in the United States, etc. Erika also assists U.S. and foreign entities in cross-border transactions, merger and acquisitions, investments of U.S. entities abroad and investments of foreign entities in the United States, establishment of operations in the United States and abroad as well as with reporting and compliance issues in addition to any other aspect related to international taxation.

- Areas of Concentration
- Pre-immigration planning
- Expatriation
- Off-shore income tax and estate planning
- Investment in the United States
- Acquisition, maintenance and sale of U.S. real estate by foreigners
- Reporting and compliance
- Cross-border transactions
- Mergers and acquisitions
- U.S. companies investing or doing business abroad
- Starting or restructuring operations in the United States
- Foreign Account Tax Compliance Act (FATCA)

About Greenberg Traurig

Greenberg Traurig is an international law firm with 1800 attorneys and governmental affairs professionals. Greenberg Traurig offers clients local resources and capabilities in 32 financial, business and government centers, including more U.S. locations than any other Top 10 law firm on The National Law Journal's 2010 NLJ 250.

Greenberg Traurig provides integrated legal services for clients worldwide. We offer a multidisciplinary team, including senior lawyers who have been the chief legal officers at major multinational companies and have spent years solving real-world problems in the business, political and legal arenas. We build teams around client needs, ensuring lean staffing, front-end planning and flexible billing, where appropriate. Our experience in multiple practice areas and our network of contacts in the United States and abroad position us to help clients achieve their objectives.

Greenberg Traurig serves clients from locations in Albany, NY; Amsterdam, The Netherlands; Atlanta, GA; Austin, TX; Boston, MA; Chicago, IL; Dallas, TX; Denver, CO; Fort Lauderdale, FL; Houston, TX; Las Vegas, NV; London, England (Operates as Greenberg Traurig Maher LLP ), Los Angeles, CA; Miami, FL; Morristown, NJ; New York, NY; Orange County, CA; Orlando, FL; Palm Beach County, FL; Philadelphia, PA; Phoenix, AZ; Sacramento, CA; San Francisco, CA; Shanghai, China; Silicon Valley, CA; Tallahassee, FL; Tampa, FL; Tysons Corner, VA; Washington, D.C.; White Plains, NY; and Wilmington, DE. Additionally, the firm has established a strategic alliance with the independent law firm Studio Santa Maria in Milan and Rome.

For more information about Erika Litvak and Greenberg Traurig, please visit: www.gtlaw.com

About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series

The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: www.knowledgecongress.org.

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