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Taxpayer Penalties Under OVDP

Taxpayer Penalties Under OVDP

Under the Offshore Voluntary Disclosure Program, taxpayers have the opportunity of making a voluntary disclosure of all their offshore financial accounts and assets to the IRS. In exchange for making the voluntary disclosure, the IRS offers taxpayers a decreased risk of criminal prosecution and assorted fines and penalties. In order to validly take part in the program, the taxpayer’s disclosure must be timely, complete, and accurate.

Case Resolution Under the IRS OVDP

Case Resolution Under the IRS OVDP

What Options Are Available for Case Resolution Under OVDP?

How To Avoid Civil Penalties for Failing to Apply to OVDP

How To Avoid Civil Penalties for Failing to Apply to OVDP

A previous article on this topic addressed the civil penalties potentially applying to taxpayers who qualify for the Offshore Voluntary Disclosure Program but fail to apply. This article will touch upon some additional civil penalties to which taxpayers may be subject.

Streamlined Filing Compliance Procedures Under OVDP

Streamlined Filing Compliance Procedures Under OVDP

In addition to the formal Offshore Voluntary Disclosure Program, the IRS offers Streamlined Filing Compliance Procedures for certain qualified taxpayers. The Streamlined Procedures apply to non-resident non-filer taxpayers. On June 18, 2014, the IRS announced new changes to the Streamlined Procedures which will allow more taxpayers to qualify as well as ease the process for qualifying applicants.

How to Avoid Criminal Charges Facing Taxpayers Who Do Not Participate in OVDP

How to Avoid Criminal Charges Facing Taxpayers Who Do Not Participate in OVDP

In addition to the numerous civil penalties potentially facing taxpayers who fail to participate in the Offshore Voluntary Disclosure Program, there are also some serious criminal charges that may result if the IRS decides to examine a particular taxpayer.

Timing and Asset Considerations under the OVDP

Timing and Asset Considerations under the OVDP

As essential part of determining your Offshore Voluntary Disclosure Programsubmission is calculating the OVDP disclosure period. As defined by the IRS, the voluntary disclosure period consists of the most recent eight years for which the due date has already passed. Each disclosure must contain an eight-year period. For example, if a taxpayer makes a disclosure prior to the due date for 2013, the voluntary disclosure period will be 2005 through 2012.

2 Steps to Successfully Enrolling in the IRS OVDP

2 Steps to Successfully Enrolling in the IRS OVDP

In order to qualify for the Offshore Voluntary Disclosure Program, a taxpayer must comply with all the requirements set forth by the IRS. There are a number of document submissions, penalties, and payment of certain unpaid taxes which the taxpayer must satisfy to make a successful submission for protection under OVDP.

History of the Offshore Voluntary Disclosure Program

The IRS Criminal Investigation division has a longstanding practice of considering a taxpayer’s timely, accurate, and complete voluntary disclosure in determining whether or not to pursue criminal prosecution against the taxpayer.

How to Bring a Foreign Bank Account Into Compliance

Do you have a foreign bank account that may have international tax implications? If so, it is absolutely critical that you fully understand that US tax law states all US persons (that is citizens, resident aliens and anyone who meets the substantial presence test) file an FBAR to make the IRS aware of any foreign bank accounts that you have interest in or authority over.

Tax Deal with Switzerland Gives U.S. DOJ Deep Access To Your Account Information

Federal law requires U.S. taxpayers with more than $10,000 total in foreign accounts to report those accounts on their tax return. Those that fail to do so may face an audit, substantial financial penalties, criminal prosecution, and imprisonment. In an effort to find such accounts the U.S. Department of Justice (DOJ) recently announced a tax deal with Switzerland.


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