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Experienced San Diego OVDP Attorney Explains Advantages of IRS Offshore Disclosures

Why should a US taxpayer consider the Offshore Voluntary Disclosure Program or OVDP to come into compliance with IRS FBAR and offshore reporting requirements? Janathan Allen, an experienced San Diego OVDP attorney explains the advantages of IRS offshore disclosure programs, and why it is important to comply: FATCA established an...

What Impact will the Inspector General’s Report Have on the OVDP and Offshore IRS Violators?

The Inspector General's office recently released a scathing report accusing the IRS of missing more than $39 Million in uncollected offshore tax revenues.  The report harshly criticized the IRS' complete failure to follow up on rejected OVDP and offshore IRS violators as well as internal assignment of personnel based upon...

IRS Missed $39 Million in OVDP Penalties

The US Treasury Department's Inspector General for Tax Administration has determined that the IRS missed an opportunity to collect over $39 Million in OVDP penalties from taxpayers who were either rejected or withdrew their application to the OVDP or Offshore Voluntary Disclosure Program. In a press release, Inspector General J....

IRS Tells Taxpayers “I Didn’t Know” Won’t Work – OVDP the Safest Option for FBAR Compliance

Many taxpayers had hoped that telling the IRS "I didn't know" and submitting a streamlined disclosure application would get them through FBAR disclosures quickly and inexpensively.  After all, the streamlined options reduces penalties down to 5% is the IRS accepts the streamlined application when compared to the OVDP or the...