The IRS Offshore Voluntary Disclosure Program or OVDP is the safest alternative for the disclosure of offshore accounts and assets available to US taxpayers. The core issue in these cases is “willful” activity on the part of the taxpayer and the penalties and criminal tax exposure of willful attempts to avoid or evade US income taxes.
Those who are confronted by the IRS through an IRS audit or criminal tax investigation face draconian fines, penalties, interest and income taxes that can exceed 50% of the highest point of any and all offshore accounts and assets over the past 8 years, or $100,000 whichever is higher – for each offense.
The IRS OVDP provides relief from criminal tax exposure while reducing the potential penalties to 27.5%, or 50% if your bank or institution has been listed by the IRS as an institution that has actively worked to help US taxpayers to avoid income taxes. This program requires updates to up to 6 years of FBARs, as well as associated tax returns.
Allen Barron is uniquely positioned to help you with offshore financial disclosures to the IRS. Our unique blend of tax, legal and accounting expertise provides a single source solution for those who wish to come into FBAR compliance. Learn about the protections of the attorney-client privilege and contact us for a free and substantive consultation at 866-631-3470.
FBAR, IRS, OVDP, attorney-client privilege