Because Your Future Is At Stake
Many people are tempted to try to handle their own paperwork for the Offshore Voluntary Disclosure Program (OVDP), and many more believe that they only need a certified public accountant to help them. However, due to the very severe civil and criminal consequences that are involved with unreported foreign accounts, it is absolutely essential for you to have an OVDP lawyer who can guide you through the process and advise you on the best paths to take.
You Get One Try
When you are filing your OVDP paperwork, you are essentially informing the Internal Revenue Service (IRS) that you have broken the law. Whether you knew about the account or not, having unreported offshore equity is a criminal offense. The way you fill out your paperwork and the timing of when you submit it, as well as whether you choose the streamlined or original OVDP option, will all determine whether or not you are eligible for the protection that the program offers. Unfortunately, you only get one try, and the result of doing it improperly could be an audit and the resulting consequences.
Normal IRS Tax Procedures Don’t Apply
Because we are dealing with foreign bank account reporting, as opposed to domestic tax fraud situations, it is important to note that the IRS doesn’t follow its normal domestic procedures when auditing your accounts, penalizing you, or reading your paperwork. This is because:
- OVDP is a temporary exception to the U.S. tax code and is therefore not grounded in its rules or regulations.
- There is little to no information from the IRS that is available or readily understood by the public.
- The program is relatively new, so there are very few cases to use as guidance for the law.
A Normal Tax Lawyer Won’t Cut It
United States tax law is intricate, detailed, and incredibly complicated. However, foreign tax law is even more so, and there are many tax attorneys who claim to be able to help you with OVDP who may actually make the same mistakes you would if you were filing by yourself. Because it is a very recent and fluid program without a lot of set guidelines, it is absolutely essential that you hire an OVDP-specific lawyer who stays on top of the latest developments and has worked dozens of these cases before.
Our OVDP Tax Attorney Team
At JDKatz: Attorneys at Law, we are proud to be one of the few OVDP lawyers nationwide who truly understand the process and what each client needs in order to have the best possible outcome. Because we specialize in foreign tax law, as well as domestic tax law, we are able to help you file the right paperwork at the right time, and advise you on what the best options could be for your specific case. That is what sets us apart, and that is why we are your guide for the journey.
We understand that OVDP can be overwhelming, but we are here for you. Contact our team of experienced OVDP lawyers today and see how we can help!