Taxation Section
The Twentieth Annual Estate & Gift Tax Conference
The Estate And Gift Tax Committee of the Taxation Section Presents
The Estate & Gift Tax Conference
Friday, March 2, 2012
Julia Morgan Ballroom, Merchants Exchange
465 California Street
San Francisco
www.juliamorganballroom.com
You can now REGISTER ONLINE for this program.
Earn 7.5 Hours MCLE Credit and Taxation Law Legal Specialization. Program package includes printed program materials, continental breakfast and lunch. Registration Early Bird Deadline: Friday, February 24, 2012. For more information, see Estate & Gift Tax Conference.
Upcoming 2012 Events
Annual Income Tax Conference
Friday, June 15: North location San Francisco; South location Costa Mesa (tentative). [MCLE and legal specialization credit to be determined]
The State Bar of California Annual Meeting
October 11-14: Various locations, Monterey. For more information see State Bar of California Annual Meeting.
2012 Annual Meeting of the California Tax Bar and California Tax Policy Conference
Wednesday-Saturday, October 31-Nov. 3: Loews Coronado Bay Resort, 4000 Loews Coronado Bay Rd,. Coronado. [MCLE and legal specialization credit to be determined]
For more information, see Tax Annual Meeting.
News from the Section
Important Announcement - New IRS Amnesty Program
Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face August 31 Deadline On February 8, the Internal Revenue Service announced a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary disclosure initiative will be available through Aug. 31, 2011.
The new initiative – called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) – includes several changes from the 2009 Offshore Voluntary Disclosure Program (OVDP). The overall penalty structure for 2011 is higher, meaning that people who did not come in through the 2009 voluntary disclosure program will not be rewarded for waiting. However, the 2011 initiative does add new features.
For the 2011 initiative, there is a new penalty framework that requires individuals to pay a penalty of 25 percent of the amount in the foreign bank accounts in the year with the highest aggregate account balance covering the 2003 to 2010 time period. Some taxpayers will be eligible for 5 or 12.5 percent penalties. Participants also must pay back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties.
Taxpayers participating in the new initiative must file all original and amended tax returns and include payment for taxes, interest and accuracy-related penalties by the Aug. 31 deadline. The IRS is also making other modifications to the 2011 disclosure initiative.
The IRS also created a new penalty category of 12.5 percent for treating smaller offshore accounts. People whose offshore accounts or assets did not surpass $75,000 in any calendar year covered by the 2011 initiative will qualify for this lower rate.
The 2011 initiative offers clear benefits to encourage taxpayers to come in now rather than risk IRS detection. Taxpayers hiding assets offshore who do not come forward will face far higher penalty scenarios as well as the possibility of criminal prosecution.
The IRS has launched a new section on www.IRS.gov that includes the full terms and conditions on the 2011 Offshore Voluntary Disclosure Initiative, including an extensive set of questions and answers to help taxpayers and tax professionals. The web site also includes details on how people can make a voluntary disclosure.
For additional information, see www.IRS.gov.
Online CLE From the Taxation Section at Your Convenience
See Taxation Section Online CLE for a complete list of programs available from the Section. The programs quality for participatory CLE. Once purchased, they can be taken any time within a three-month period.
Members Only Area
Our Members Only Area has expanded to include new benefits available through My State Bar Profile. For more information, see Members Only Area.
Save Money with CEB
Continuing Education of the Bar, California (CEB) is extending a special offer to our section. As a member of the Taxation Section, you're eligible for a rebate on your section dues that can be applied to the cost of a CEB Gold CLE Passport or a CLE program ticket. Information about the section dues rebate program can be found on the CEB Web site.
Continuing Education of the Bar, California (CEB) is extending a special offer to our section. As a member of the Taxation Section, you're eligible for a rebate on your section dues that can be applied to the cost of a CEB Gold CLE Passport or a CLE program ticket. Information about the section dues rebate program can be found on the CEB Web site.
Contact Us
Taxation Section
The State Bar of California
180 Howard Street
San Francisco, CA 94105-1369
415-538-2580
FAX 415-538-2368