Disclosing your Offshore Bank Account?
Do I still have time to file under the IRS’s Offshore Voluntary Disclosure Program?
The Offshore Voluntary Disclosure Program (OVDP or OVDI) was originally launched on March 23, 2009. Since then, the Internal Revenue Service has provided taxpayers with two more chances to gain the benefits of the OVDP. The latest installment of the OVDP, like previous versions, offers taxpayers the chance to disclose foreign accounts in order to avoid severe penalties as well as the possibility of criminal sanctions. The current version of the OVDP has no defined timeline. This means that the IRS may terminate the program at any time, leaving noncompliant taxpayers exposed to harsh penalties and criminal liability that the IRS imposes on taxpayers who fail to participate in the OVDP. Taxpayers with foreign accounts must act fast and participate in the current OVDP now before the IRS terminates the program. There is no guarantee that the IRS will offer another OVDP after termination of the current program.
The IRS has access to more information than ever before. A primary reason for this is the enormous success of the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions to report to the IRS all information regarding accounts held by U.S. citizens. Under FATCA, foreign financial institutions are required to disclose account information of U.S. citizen account holders regardless of the account holders consent. Taxpayers with foreign accounts must seek assistance immediately to begin the disclosure process to ensure their ability to participate in the OVDP. The OVDP is unavailable to taxpayers under current investigation by the IRS. This means that if a foreign financial institution discloses the account for the taxpayer, pursuant to FATCA or otherwise, it will be too late for that taxpayer to participate in the OVDP, and that taxpayer will be exposed to the possibility of criminal sanctions as well as severe fines.
If you are facing an offshore bank disclosure issue with the IRS and possible criminal charges, you need an experienced and qualified lawyer who stays abreast of changing taxation laws and can help you secure your family's financial future. At the Miami Legal Center, our experienced and qualified Tax Attorneys have worked with hundreds of individual taxpayers to successfully resolve their IRS controversies. Our lawyers are admitted to the United States Tax Court and can assist you in repatriating funds from foreign bank accounts, asset protection trusts, and stockbrokers.
The IRS has access to more information than ever before. A primary reason for this is the enormous success of the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions to report to the IRS all information regarding accounts held by U.S. citizens. Under FATCA, foreign financial institutions are required to disclose account information of U.S. citizen account holders regardless of the account holders consent. Taxpayers with foreign accounts must seek assistance immediately to begin the disclosure process to ensure their ability to participate in the OVDP. The OVDP is unavailable to taxpayers under current investigation by the IRS. This means that if a foreign financial institution discloses the account for the taxpayer, pursuant to FATCA or otherwise, it will be too late for that taxpayer to participate in the OVDP, and that taxpayer will be exposed to the possibility of criminal sanctions as well as severe fines.
If you are facing an offshore bank disclosure issue with the IRS and possible criminal charges, you need an experienced and qualified lawyer who stays abreast of changing taxation laws and can help you secure your family's financial future. At the Miami Legal Center, our experienced and qualified Tax Attorneys have worked with hundreds of individual taxpayers to successfully resolve their IRS controversies. Our lawyers are admitted to the United States Tax Court and can assist you in repatriating funds from foreign bank accounts, asset protection trusts, and stockbrokers.
Attorneys Aramis Hernandez and Greg Jacobs guided me through the entire Disclosure process, filed the amended returns, and submitted an OVDP package that was accepted by the IRS. - Raj C., Boca Raton, Florida
I will always be grateful to all of the attorneys at Miami Legal Center for all they've done for me and my family. - Santigo Z., Key Biscayne, Florida
|
SPEAK TO AN ATTORNEY |