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The Delinquent International Information Return Submission Procedures

THE DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES

Cost Free
Presentation Length 1.0 hour

Recorded DateSeptember 12, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The Internal Revenue Service offers assorted options for United States taxpayers to rectify prior international information reporting failures; traditionally, most programs have required penalty payments to be made. An increasingly expansive option for disclosures, which requires no type of penalty payment, is the Delinquent International Information Return Submission Procedures. Where the program is available, taxpayers can make submissions of prior year forms free of any type of required penalty payment. The program, often misunderstood, has relatively narrow applicability; however, practitioners are often unfamiliar with the program in general. This webinar will cover the basics associated with the Delinquent Program and compare it with other disclosure options (like the Streamlined Program).

Learning Objectives:


  • Identify options that United States taxpayers have to rectify international information reporting failures

  • Recall how the Delinquent International Information Return Submission Procedure works

  • Contrast the Delinquent Program with other disclosure options, such as the Streamlined Program
     

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Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.

Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.

Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.

Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.
 

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