We previously discussed what a John Doe summons is, who can authorize it, and the general procedure the Internal Revenue Service (IRS) must follow to get it approved. Unfortunately, because the John Doe summons is not requesting information on any single person, rather a group of people who fit into a certain category, there is no […]
When it comes to learning about your financial accounts, the Internal Revenue Service (IRS) has ways to learn about your assets without you knowing about it. In addition, almost every foreign court will aid the IRS in these audits and help enforce the summons in their own banks. Unfortunately, this means that if you have […]
Because Your Future Is At Stake Many people are tempted to try to handle their own paperwork for the Offshore Voluntary Disclosure Program (OVDP), and many more believe that they only need a certified public accountant to help them. However, due to the very severe civil and criminal consequences that are involved with unreported foreign […]
If you have undisclosed offshore accounts or assets, and choose not to participate in the Offshore Voluntary Disclosure Program (OVDP), you could be facing serious penalties, both civil and criminal, if the IRS chooses to examine your accounts. If you are worried about an IRS audit and want to learn more about the OVDP in […]
As of 2012, the IRS has updated their Offshore Voluntary Disclosure Program (OVDP), making the process more efficient and thus encouraging more taxpayers to come forward. Because the old process is still in effect as well, this newer development gives citizens with offshore accounts an option as to how they want to report. Because each […]
The penalties have always been steep for tax evasion in the United States. With the fairly recent Offshore Voluntary Disclosure Program (OVDP) from the IRS, there is an option to reduce penalties by filing for the reporting of offshore accounts. Through the OVDP, taxpayers can find relief from being responsible for the possible prison time […]
On October 15, 2015, the Internal Revenue Service updated its “facilitator” list, making the decision of whether to participate in the Offshore Voluntary Disclosure Program (OVDP) even more time sensitive. So the question presents itself – is OVDP the right choice for me? There are quite a few factors that taxpayers must weigh when deciding […]
The push to move forward with the Offshore Voluntary Disclosure Program (OVDP) and have more people file has currently passed another deadline. This doesn’t mean the program is finished, but it’s another push to have people ante up for any offshore accounts and pay taxes at a rate reduced from the historic penalty fees associated. […]
In our last blog, we talked about the ways you can opt-out of the OVDP (Offshore Voluntary Disclosure Program). This is, however, not recommended. The FATCA (The Foreign Account Tax Compliance Act) was enacted July 2014 to investigate offshore accounts not being reported to the IRS for tax payments. The IRS and other countries are […]
