Offshore Voluntary Disclosure Initiative Attorney
The IRS has announced a new offshore voluntary disclosure initiative for the purpose of bringing taxpayer's (US citizens or residents) who have undisclosed foreign accounts into compliance. Voluntary participation provides taxpayers limited amnesty from punishment under the OVDI.
This program minimizes the substantial civil penalties that the IRS can impose and eliminate any criminal ramifications if the taxpayer is admitted into the program. This will also allow the taxpayer to determine with certainty what his or her liability will be both with respect to the amended income tax returns that are required as well as the Report of Foreign Bank and Financial Records, known as the FBAR (TDF 90-22-1). The tax process is for tax years 2003 through and including 2010.
Although this program has expired, the IRS is still encouraging taxpayers to come forward with their voluntary disclosure. In the very near future many large foreign banking and brokerage institutions will be compelled to hand over their lists of American owned accounts (corporate in addition to individual). Once this is accomplished and the IRS is aware of the identity of these account holders, a voluntary disclosure will not be accepted.
As a warning to these undisclosed foreign account holders, time is running out to take advantage of this amnesty period. A proper disclosure now can save hundreds of thousands of dollars in tax, penalties, and interest.
Contact an Experienced Offshore Voluntary Disclosure Initiative Lawyer today
Act now, contact Max Benkel for a free consultation. To arrange a no obligation appointment with an experienced Atlanta tax attorney to discuss this offshore voluntary disclosure initiative, contact the firm online or call 404-287-0053 (toll free at 888-779-9024) to schedule a meeting.
