Is this the end of the OVDP for IRS FBAR disclosures regarding offshore bank accounts, investment accounts and assets? The IRS has in fact announced it will close the Offshore Voluntary Disclosure Program or OVDP on September 28, 2018. The IRS has strongly recommended that all US taxpayers, including resident...
IRS Announces an End to Offshore Voluntary Disclosure Programs
As the IRS announces an end to Offshore Voluntary Disclosure programs associated with the reporting of offshore bank accounts, investments and assets, US taxpayers are urged to come into compliance with IRS FBAR reporting or face steep fines and criminal prosecution. The IRS announced yesterday it will bring the 2014...
The IRS OVDP May Still be a Viable Option for Unreported Offshore Accounts
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...
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 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...
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'...