Bethesda-Washington DC-Tyson's Corner
The Internal Revenue Service set up the OVDP (Offshore Voluntary Disclosure Procedure), also known as the OVDI (Offshore Voluntary Disclosure Initiative), as a way to encourage US Citizens to come forward and voluntarily disclose their offshore bank accounts. The program allows those with foreign bank accounts to declare their holdings and become tax compliant while avoiding hefty penalties, fines, and even criminal charges. The program has been continuously updated since it’s inception, the most recent iteration happened on July 1, 2014 and became know as the OVDP 2014. The OVDP 2014 created a more streamlined system for non willful violators and harsher penalties for willful violators--essentially increasing the benefits of voluntary foreign bank account reporting and increasing the risks for non-compliance.
If you have failed to report one or more bank accounts with more than $10,000, you need to take advantage of the OVDP 2014 program from the IRS. Make sure you have a team who can help you and can ensure that everything is done correctly for your disclosure in order to take advantage of the reduced fines and become tax compliant for the least amount possible. The tax attorneys at JDKatz are ready to help. We’ve been assisting clients with their foreign bank account reporting and the Offshore Voluntary Disclosure Program since it began, and we’re familiar with everything that needs to be done to avoid additional fees and expenses.
If you’d like to learn more about OVDP 2014 and how JDKatz tax attorneys can help, fill out the form on our website and let us know. We’ll send you a free information packet with helpful information about international tax disclosure and how you can become compliant through the OVPD 2014 program.