» OVDP
Treasury Dept. Announces New Voluntary Disclosure Practice
January 21st, 2019
Now that the OVDP is no longer available, what will taxpayers with undisclosed foreign assets do? The U.S. Department of Treasury has announced a new voluntary disclosure practice as an option for those trying to avoid possible criminal consequences.…
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Mirelis Customers Face OVDP Fines After Non-Prosecution Settlement
September 5th, 2018
Customers of the Swiss financial and asset management company Mirelis Holdings, SA, may have known about changes happening at the company in recent years. But what they may not have realized is that a recent non-prosecution settlement between the fir…
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The OVDP Is Ending. What Now?
April 24th, 2018
Since the IRS announced that the OVDP is ending on March 13, 2018, you may be wondering what you can do to limit your exposure to audits or tax penalties for unreported financial assets overseas. Here are some options to consider with your tax attorn…
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Categories: OVDP
IRS Formally Announces End of Offshore Voluntary Disclosure Program
April 10th, 2018
Over the last decade, thousands of U.S. taxpayers have taken advantage of the offshore voluntary disclosure program (OVDP) to correct reporting errors connected to foreign financial accounts. They have voluntarily reported their accounts to the IRS t…
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Categories: OVDP
The End of the Offshore Voluntary Disclosure Program
February 13th, 2018
The IRS has begun to hint that the end of the Offshore Voluntary Disclosure Program (OVDP) is coming. Those hints became clearer at a recent panel discussion in Florida. Find out why the OVDP is on the way out, and what options taxpayers may have goi…
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Categories: OVDP
Taxpayer Advocate Calls for IRS Transparency
August 28th, 2017
Taxpayers facing an IRS audit or investigation often feel like the decisions come out of nowhere. Lack of transparency isn’t a new problem for the Internal Revenue Service (IRS). In fact, a recent report from the National Taxpayer Advocate expl…
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IRS Commissioner Pushes for OVDP Program to Continue
January 12th, 2017
Any presidential election brings with it the chance for changes to tax laws and enforcement priorities. IRS Commissioner John Koskinen explains that, at least through November 2017, the Offshore Voluntary Disclosure Program (OVDP) will continue. Many…
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Categories: OVDP
OVDP or Streamlined: Which Voluntary Disclosure Procedure Should You Use?
November 29th, 2016
The IRS recently encouraged U.S. taxpayers to come clean about unreported foreign financial assets and income. The agency offered up two voluntary disclosure procedures to save non-compliant taxpayers from steep penalties and criminal prosecutions. B…
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Get Your Offshore Account Voluntary Disclosures Resolved Before Year End
November 18th, 2016
If you are one of the thousands of American taxpayers with offshore financial accounts, the idea of not being in compliance with IRS reporting requirements may make your hair stand on end. You don’t have to live in fear of an audit. Find out ho…
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How Can I Prove My Failure to File Was Non-Willful?
October 21st, 2016
You have just discovered that you were required to file disclosures related to foreign financial accounts in your possession. You know that you weren’t trying to avoid the IRS, but how do you communicate that your failure to file was non-willfu…
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Categories: OVDP
