Many American citizens are in the dark about the myriad of tax laws surrounding their finances. This is especially true when it comes to foreign financial accounts. The IRS has moved to combat banking secrecy abroad and is now in cooperation with foreign entities to ensure that citizens are above board with their tax status. […]
Before you can submit your paperwork and information to the Offshore Voluntary Disclosure Program (OVDP), you’ll need to go through a preclearance process. This process helps you in two very important ways: It tells you whether or not you are actually eligible for the OVDP program It helps you start the process of gathering the necessary […]
Not everyone who wants to participate in the Offshore Voluntary Disclosure Program (OVDP) is eligible for it. If you are interested in the program and would like to bring your taxes into compliance with the IRS, our OVDP lawyers in Washington D.C. can help you determine your eligibility as well as walk you through the […]
If you are interested in participating in the Offshore Voluntary Disclosure Program (OVDP), you are probably wondering what you’ll need to bring to the table in order to come into compliance with U.S. tax law. Our OVDP lawyers in Bethesda can help you get all of the information you need, since what is required will […]
If you are facing an overwhelming tax bill that you can’t pay, there are legal options available to you to help you lower your total amount owed to the IRS. Our Maryland tax attorney has helped hundreds of clients do just that with something called an “offer in compromise.” What’s an Offer in Compromise? An […]
The Offshore Voluntary Disclosure Program (OVDP) allows taxpayers in the United States to voluntarily disclose their offshore holdings and bring their taxes on those holdings up to date. So what happens if you don’t participate in this program? Potential Civil Penalties Penalties as high as 50% of the foreign financial account. If your foreign account […]
No one wants to think about the end of their life, but it’s a reality that everyone will need to face. The sooner you take care of your estate planning, the better off you and your family will be. Delaying this important planning can result in major issues after you pass away, and that’s not […]
What’s the Goal of the OVDP? The Offshore Voluntary Disclosure Program (OVDP) allows people to disclose their offshore assets and bring them up to date with the Internal Revenue Service without facing prosecution or additional fines or jail time. It gives taxpayers the chance to disclose their foreign accounts and assets that they may have […]
When it comes to your estate, your assets, and your dependents, you want to know for sure that your wishes will be met. In order to do this, it is important for you to hire an estate lawyer in Maryland who will work with you and help you create a living trust and/or will that […]
