The IRS’s 2012 Offshore Voluntary Disclosure Program (OVDP) offers the chance to eliminate the risk of criminal prosecution and reduce civil penalties for improper reporting and disclosure of foreign income and assets.
What’s on your mind?
- The risk and cost of properly disclosing foreign entities, foreign financial accounts, and unreported income
- The possibility that the IRS will end the OVDP and raise penalties
- The complex rules, eligibility, and filings required for OVDP
- U.S. tax filing obligations of citizens living outside of the country
A unique approach
The IRS is paying significant attention to taxpayers with foreign activities, and many U.S. taxpayers unknowingly violate federal laws by failing to file relevant returns to report income from foreign accounts or assets. If you have undisclosed foreign accounts or assets, you may be eligible to participate in the OVDP to generally eliminate the risk of criminal prosecution and avoid substantial civil penalties.
Our professionals have extensive experience helping bring clients into compliance under the 2012 OVDP and its predecessors. We work with tax attorneys to understand your unique situation and develop a strategy to minimize the consequences of full compliance. It is important to note that the IRS has cautioned that the program could change or end at any time, so taxpayers should act soon.
- Explain OVDP rules and eligibility
- Work closely with your attorney regarding your OVDP participation
- Evaluate risk and recommend an optimal strategy (especially with the recent introduction of the IRS’s streamlined filing procedure)
- Determine if you qualify for reduced penalties
- Calculate the assessable penalty based on the OVDP requirements
- Help you meet your filing requirements on a timely basis
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