There is a lot of conversation nationally about IRS FBAR compliance and those who have not yet complied. Many US taxpayers may be wondering if the IRS OVDP may still be a viable option for unreported offshore accounts and assets. The answer is a qualified "yes." The reality is the...
Offshore Accounts Tax Evasion and the IRS OVDP
The subject of hiding income and assets in secret offshore bank accounts has gone from a somewhat glamorous endeavor to reduce the amount of taxes one would pay to the IRS to a practice that is denounced world-wide as evidenced by convictions against major Swiss banks and financial institutions and...
Lawsuit against IRS Offshore Tax Programs Dismissed
Another lawsuit challenging the IRS offshore tax programs has been dismissed. In the consolidated lawsuit, 3 plaintiffs attempted to assert that they should be able to switch to the IRS' streamlined domestic offshore procedures, which were not available when the 3 filed applications under the OVDP or Offshore Voluntary Disclosure...
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....
What is the Offshore Voluntary Disclosure Program or OVDP in San Diego?
What do US taxpayers in San Diego need to know about the IRS Offshore Voluntary Disclosure Program or OVDP and how can it be the safest option for disclosing previously unreported offshore accounts, assets and income? The IRS Offshore Voluntary Disclosure Program is exactly what it sounds like - a...
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...
San Diego OVDP Attorney – Advantages of the IRS OVDP
Ask San Diego OVDP attorney Janathan Allen about the advantages of the IRS OVDP when compared with the streamlined option and not coming into compliance at all, she's likely to answer with a single word: "RISK!" The IRS OVDP option is the only path a US taxpayer can use...