Scott Michel Analyzes Unreported Foreign Assets at NYU 10th Annual Tax Controversy Forum
Program: Penalties for Failure to Report Foreign Assets: The Difference Between a Huge Problem and an Innocent Oversight
Event Sponsor: 10th Annual Tax Controversy Forum, NYU School of Professional Studies
Clients with unreported foreign assets want to know "how bad is it?" Some cases are not a big deal and the client can easily clean up the past and become compliant going forward, while other cases can result in crushing penalties that can lead to bankruptcy or even criminal prosecution. This panel discusses what standards and procedures apply to taxpayers with unreported foreign assets and how you can advocate to minimize the consequences for failing to report foreign assets.