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 paperwork to participate in the program
What Do I Need for Preclearance?
You’ll work with our OVDP team in Washington D.C. or Bethesda, MD to complete the necessary paperwork. We’ll send a fax to the IRS with your identifying information, information on the institutions where you have offshore accounts, the power of attorney forms and other pertinent information.
What Happens Next?
Once all of the information has been sent to the IRS, we’ll wait for a preclearance authorization letter. This letter means you have been determined to be eligible to participate in the program, are not under examination for tax fraud, and can bring your accounts into compliance.
One thing to keep in mind, however, is that the preclearance letter doesn’t mean you have a guarantee of acceptance into the program. It simply means you can now file your paperwork within the next 45 days.
We Can Help You Through OVDP
If you are ready to declare your offshore accounts, our legal team can help. From preclearance to the final payment, we’ll make sure you understand the process and get the best deal possible while bringing your accounts current with the IRS. Use the button below to contact our Maryland or Washington D.C. offices today.