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 previously left off of their taxes.
Why Does it Matter?
When United States citizens don’t disclose offshore assets, they don’t have to pay taxes on them. This tax avoidance costs everyone a lot of money; when businesses and individuals don’t pay their taxes, there is less money for things like school, road repair, and social welfare programs. While avoiding taxes might seem like a good idea to the individual doing it, it’s estimated that there are assets worth $20 trillion in tax havens around the world that should be taxed. That money could go a long way towards improving infrastructure, paying for health care, and other beneficial programs around the world.
Why You Should Take Advantage
Paying your taxes isn’t just a matter of doing the right thing. It’s a matter of avoiding penalties and prosecution. The IRS is getting tougher and tougher on hidden offshore assets, utilizing tax treaties, whistleblowers, and other sources to find hidden assets and bring those hiding them to court. If you don’t voluntarily disclose your offshore assets to the IRS, you could be facing huge fines over and above what you owe and could even be facing jail time.
Let Our OVDP Team in Bethesda Help
If you are ready to disclose your offshore holdings to the IRS, our OVDP team in Bethesda and help you make it happen. Get in touch with us today by clicking on the button below.