As a citizen of the United States of America, we are required to pay taxes on our income. This even counts for money that is earned outside of the United States for both individuals and corporations. For one reason or another, this doesn’t always happen. Yet there are stiff consequences for tax evasion. Because there are so many multinational companies and people working outside of the U.S., the IRS offered the Offshore Voluntary Disclosure Program (OVDP) for those who had offshore accounts that were unreported when filing for taxes.
For those who qualify, they can file the proper documents and declare offshore earnings and accounts without having the full repercussions of the law. Tax law is a very specific aspect of the legal field, and foreign bank account reporting is a very specific subset. When you have an advocate, to support you through the OVDP process, following procedures completely and with less risk of penalties.
Contact our Maryland tax attorneys at JD Katz, Attorneys at Law to learn more about the Offshore Voluntary Disclosure Program and your rights. The procedures have changed since the 2012 to streamline some of the steps. We recommend you work with an attorney to help you through the process and make sure each step is followed and your rights are protected and you have the best outcome possible. Our attorneys are experienced at working with foreign bank account reporting. Call for a free consultation for your case. 301-605-1243 for our Bethesda, MD office or 202-765-0893 for our Washington D.C. location. Our Maryland tax attorneys are here to work with you.