Your client did not disclose their foreign financial assets or foreign income, now what? Without proper knowledge of international tax laws, tax professionals might overlook critical disclosures of foreign financial assets, resulting in hefty penalties and interest for clients. Clients often face confusion and anxiety when dealing with complex international tax issues, and inexperienced tax professionals can exacerbate these feelings by providing incomplete or incorrect guidance. In addition, inexperienced tax professionals may not be aware of programs like the IRS Streamlined Filing Compliance Procedures, missing out on opportunities to help their clients fix their delinquency while reducing penalties.

This session will be led by Laura M. Tshilumba, CPA, a distinguished international tax expert who regularly advises other CPAs on complex international tax matters. Join this session to be guided through clear, actionable solutions that will ensure compliance and mitigate penalties for your clients with foreign financial assets and foreign business operations.

Learning Objectives:

• Describe the different types of foreign disclosures required by the IRS, the consequences of undisclosed offshore financial assets, and the steps necessary to correct omissions or inaccuracies


• Summarize how to effectively use the IRS Streamlined Filing Compliance Procedures to bring delinquent taxpayers back into compliance with minimal penalties


• Determine a proactive approach to ensure ongoing compliance for clients with foreign assets, including setting up robust systems for tracking and reporting foreign income and assets