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The US Treasury Department Building

Treasury Dept. Announces New Voluntary Disclosure Practice

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.… Read More
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Categories: FBAR, OVDP
Swiss bank

Mirelis Customers Face OVDP Fines After Non-Prosecution Settlement

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… Read More
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Options Sign

The OVDP Is Ending. What Now?

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… Read More
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Categories: OVDP
Last Chance Sign: End of Offshore Voluntary Disclosure Program

IRS Formally Announces End of Offshore Voluntary Disclosure Program

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… Read More
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Categories: OVDP
Depiction of Audience at IRS Panel on End of the Offshore Voluntary Disclosure Program

The End of the Offshore Voluntary Disclosure Program

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… Read More
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Categories: OVDP
Taxpayer Advocate Calls for IRS Transparency - Hand writing Transparency

Taxpayer Advocate Calls for IRS Transparency

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… Read More
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Categories: IRS Audits, OVDP
IRS Desk with Empty Chair - Will OVDP Program Continue?

IRS Commissioner Pushes for OVDP Program to Continue

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… Read More
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Categories: OVDP
OVDP or Streamlined Voluntary Disclosure

OVDP or Streamlined: Which Voluntary Disclosure Procedure Should You Use?

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… Read More
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Disclose Offshore Bank Accounts Before 2017

Get Your Offshore Account Voluntary Disclosures Resolved Before Year End

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… Read More
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Non Willful OVDP

How Can I Prove My Failure to File Was Non-Willful?

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… Read More
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Categories: OVDP

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