Terence Coppinger, Director, Deloitte Tax LLP to Speak at KC’s FBAR Update: The New FBAR Regulations and IRS' 2011 Offshore Voluntary Disclosure Initiative Live Webcast
New York, NY, June 02, 2011 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced that Terence Coppinger, Director, Deloitte Tax LLP 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 Live Webcast.” 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 accountholders, 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 Terence Coppinger
Terence Coppinger is a Director with Deloitte Tax LLP in their New York City office. He advises the Firm’s clients in the areas of tax information reporting and IRS practice and procedure. He is responsible for provided consulting services on withholding obligations, qualified intermediaries and matters involving domestic and nonresident alien Federal withholding and reporting. Terence has represented some of his Firm’s largest clients before the IRS and he oversees Deloitte’s Northeast Non resident Alien and domestic information reporting compliance practice.
Prior to joining Deloitte, Mr. Coppinger worked for the Internal Revenue Service as a Revenue Officer and Revenue Agent. Mr. Coppinger has co-authored numerous articles in such widely circulated publications as The Journal of Bank Taxation, Practical Tax Strategies and The Tax Adviser. He is also an adjunct associate professor at St. John’s University Tobin College of Business where he teaches graduate courses in IRS Practice and Procedure, Federal Tax Research and Tax Research and Writing. He is a Certified Public Accountant, a member of the AICPA and the New York State Society of Certified Public Accountants. He holds a BS in Finance and MBA with a specialization in Public Accounting from St. John’s University and a MS in Taxation from Pace University.
About Deloitte & Touche LLP
In the United States, Deloitte LLP and its subsidiaries have 45,000 professionals with a single focus: serving clients and helping them solve their toughest problems. Deloitte LLP work in four key business areas — audit, financial advisory, tax and consulting — but the real strength comes from combining the talents of those groups to address clients’ needs. Fortune and Business Week consistently rank Deloitte LLP among the best places to work. When the best people tackle the most compelling challenges, everyone wins.
For more information about Terence Coppinger and Deloitte & Touche LLP, please visit: www.deloitte.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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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 accountholders, 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 Terence Coppinger
Terence Coppinger is a Director with Deloitte Tax LLP in their New York City office. He advises the Firm’s clients in the areas of tax information reporting and IRS practice and procedure. He is responsible for provided consulting services on withholding obligations, qualified intermediaries and matters involving domestic and nonresident alien Federal withholding and reporting. Terence has represented some of his Firm’s largest clients before the IRS and he oversees Deloitte’s Northeast Non resident Alien and domestic information reporting compliance practice.
Prior to joining Deloitte, Mr. Coppinger worked for the Internal Revenue Service as a Revenue Officer and Revenue Agent. Mr. Coppinger has co-authored numerous articles in such widely circulated publications as The Journal of Bank Taxation, Practical Tax Strategies and The Tax Adviser. He is also an adjunct associate professor at St. John’s University Tobin College of Business where he teaches graduate courses in IRS Practice and Procedure, Federal Tax Research and Tax Research and Writing. He is a Certified Public Accountant, a member of the AICPA and the New York State Society of Certified Public Accountants. He holds a BS in Finance and MBA with a specialization in Public Accounting from St. John’s University and a MS in Taxation from Pace University.
About Deloitte & Touche LLP
In the United States, Deloitte LLP and its subsidiaries have 45,000 professionals with a single focus: serving clients and helping them solve their toughest problems. Deloitte LLP work in four key business areas — audit, financial advisory, tax and consulting — but the real strength comes from combining the talents of those groups to address clients’ needs. Fortune and Business Week consistently rank Deloitte LLP among the best places to work. When the best people tackle the most compelling challenges, everyone wins.
For more information about Terence Coppinger and Deloitte & Touche LLP, please visit: www.deloitte.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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The Knowledge Congress
Thomas LaPointe, Jr., Executive Director
1.800.578.4370
www.knowledgecongress.org
Therese Lumbao, Director
Account Management & Member Services
tlumbao@knowledgecongress.org
Thomas LaPointe, Jr., Executive Director
1.800.578.4370
www.knowledgecongress.org
Therese Lumbao, Director
Account Management & Member Services
tlumbao@knowledgecongress.org
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