Please ensure Javascript is enabled for purposes of website accessibility

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...

Why does the IRS OVDP Reduce Risk for US Taxpayers in Offshore FBAR Disclosures?

Why is the IRS OVDP or Offshore Voluntary Disclosure Program the safest choice for US taxpayers coming into compliance with IRS FBAR disclosures?  How does the OVDP reduce risk for US citizens and foreign resident nationals who are required to file US tax returns?  The key issue is the IRS'...

San Diego OVDP Attorney Advises Foreign Nationals who Reside in US

At Allen Barron, we support many leading engineering, high-tech companies and other businesses who attract and employ foreign nationals based upon their unique education, expertise and skill sets.  For many of these clients, it is a complete surprise that foreign nationals who are legally working in the US are still...

Is the IRS Offshore Voluntary Disclosure Program or OVDP the Right Alternative for FBAR Compliance?

FATCA has completely changed the international financial landscape - from FBAR crackdowns to the "Panama Papers."  Recently, many people have asked "Is the IRS Offshore Voluntary Disclosure Program or OVDP the right alternative for FBAR compliance or should I/we consider the streamlined application?  The central question from the perspective of...

US Taxpayers Identified in Panama Papers Should Immediately File OVDP

One thing is clear about the massive release of additional documents in the "Panama Papers" scandal yesterday: It's only a matter of time.  There are several US taxpayers identified in yesterday's information release who should seriously consider their position and immediately file OVDP application to avoid potential criminal exposure for tax...

IRS Changes Streamlined Domestic Offshore Procedures Forms

The IRS has made significant changes to the forms associated with the Streamlined Domestic Offshore Procedures, a voluntary disclosure to the US government of offshore accounts, assets and income.  The streamlined program was designated for US taxpayers who exhibited "non-willful" conduct in terms of why they failed to report offshore...