For many Americans, the prospect of navigating the complex world of taxes can seem like a daunting task. In 2012, the IRS implemented the open-ended Offshore Voluntary Disclosure Program (OVDP) to offer citizens the option of disclosing their foreign accounts in order to rectify any tax issues. This program can be a stressful, complex process. […]
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 […]
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 […]
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 […]
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 […]
