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. Contacting an attorney who specializes in the process of OVDP filing to get the best deal possible is at the advantage of any individual and business with offshore accounts.
The IRS has shown since the initial 2009 initiative they won’t allow tax evasion to continue, and they are continuing to take a stand. There has been the creation of automatic reporting of foreign accounts to find and penalize those with offshore accounts who are not reporting, according to IRS Commissioner, John Koskinen.
The OVDP has afforded taxpayers the ability to report their offshore accounts with lesser penalties in order to persuade compliance. The IRS is expected to continue stepping up foreign bank account reporting through the Foreign Account Tax Compliance Act (FATCA) and an intergovernmental agreement network in order to find accounts that are unreported.
According to the IRS, penalties for non-compliance will continue to increase as taxpayers wait to apply for OVDP. In addition to the changing OVDP, there is the chance of criminal prosecution for tax evasion. Instead of waiting, talk to a qualified attorney to find out what your best options are for filing through the OVDP. JDKatz: Attorneys at Law in Bethesda and Washington, D.C. offer different services to assess your case, and offers counsel on the best plans for proceeding. Don’t wait to file, contact us today.