Bringing Your Undisclosed Foreign Accounts Into Compliance

Under U.S. law, citizens and residents of the United States are authorized to report interest or dividends generated from any foreign bank, financial or brokerage account to the Internal Revenue Service. Severe civil penalties and jail time could result for those who fail to disclose any income earned outside of the United States.

To encourage compliance, the IRS has established a program known as the Offshore Voluntary Disclosure Initiative or Offshore Voluntary Disclosure Program. Also referred to as the OVDI or OVDP, the program has helped many individuals fearful of repercussions who have failed or delayed reporting income earned outside the United States.

Understanding The Offshore Voluntary Disclosure Program

The Offshore Voluntary Disclosure Program essentially provides immunity from civil penalties and jail time for certain individuals who are admitted to the program and comply with the requisite disclosure requirements.

The Streamlined Domestic Offshore Program

Similar to the OVDI, another program (often referred to as streamlined filing compliance), is also available for certain taxpayers who have delayed reporting non-U.S. earned income. One important component requires individuals who are admitted into the Streamlined Domestic Offshore Program to certify that the failure to report and pay taxes on all foreign earned income was not willful.

It's important to note that the rules and procedures for both programs are extremely complicated, often difficult to interpret and constantly changing. Hiring an experienced tax professional is vital.

Former IRS Attorney To Guide You Through The OVDP

I am tax attorney Max Benkel, and I have assisted many individuals in Atlanta and throughout the state of Georgia with the Offshore Voluntary Disclosure Program for many years. As an OVDP lawyer, I work with IRS officials on a daily basis and possess a thorough understanding of tax laws, procedures and requirements. I know the law. I can help you.

Arrange A Face-To-Face Meeting

To speak with an OVDI lawyer, I invite you to reach out to me at my office. We can arrange for a face-to-face meeting to discuss the process in greater detail. We can talk in depth about your circumstance, and I can answer any concerns you have. Call 404-287-0053 or toll free at 888-779-9024.

If you need assistance with other tax issues I can also help. I often assist with IRS liens, tax assessments and IRS appeals.