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 process.
You May Not be Eligible If…
You are currently under examination by the IRS.
If you are already being investigated by the IRS or another agency for tax fraud, you will not be able to take advantage of OVDP. You will need to disclose your accounts before the investigation begins.
You helped someone else with tax noncompliance.
If you aided someone else in hiding their offshore accounts, you cannot take advantage of this program.
You May be Eligible If…
You are a corporation or partnership.
Individuals, as well as corporations, partnerships, and some other business entities are eligible for OVDP.
You’ve already filed amended tax returns.
Also known as a “quiet disclosure,” you can still file the OVDP paperwork after you’ve filed an amended tax return disclosing offshore accounts.
You cannot pay the fines.
If you cannot pay the fines that will be associated with your settlement through OVDP, you can still participate. There may be other payment options available to you.
Let Our Team Help You Determine Your Eligibility
Get in touch with the JD Katz team today. Our OVDP team has helped numerous clients in the Washington D.C. area take advantage of this program and come into compliance with U.S. tax code. Click the button below to contact our team for a free consultation.