Offshore bank account disclosure attorney Houston
Offshore Bank Account Disclosure Attorney – OVDP
In 2014, the IRS made major changes to the Offshore Voluntary Disclosure Program and the Streamlined Voluntary Disclosure. When we started representing clients in their OVDP cases in 2011, many of our clients were hit with large liabilities for simply not knowing the law. The IRS has now created a streamlined Voluntary Disclosure program that levies a much more reasonable penalty than what the case had been in the past.
Was it willful or non-willful? That’s the key question in determining whether you will qualify for the Streamlined program. Our job is to paint the right picture. Whether or not someone’s actions were willful or non-willful is a question we receive often from clients who are trying to determine whether they qualify for the IRS Streamlined Offshore Disclosure Program or OVDP
Note: Such programs are not available to a taxpayer who is already under an IRS audit that has been transferred to the IRS Criminal Investigations unit or whose non-compliance has been identified already brought forth by the IRS.
The new IRS 2014 offshore compliance programs offer taxpayers in a variety of circumstances the opportunity to disclose and fix prior tax non-compliance. The IRS offers three options:
(1) the delinquent information return program,
(2) the new Streamlined Disclosure Program (SDP) for US resident and non-resident taxpayers whose conduct is non-willful and
(3) the 2014 Offshore Voluntary Disclosure Program (OVDP) for those who knowingly violated the law.
A taxpayer’s individual facts and circumstances will determine which of the three options should be selected. It is important to discuss these in honesty and detail at your consultation.
Filing FBARs and ensuring compliance with IRS International Tax Laws, Rules, and Regulations is extremely important for anyone, or any business that maintains:
Foreign Bank Accounts
Foreign Savings Accounts
Foreign Investment Accounts
Foreign Securities Accounts
Foreign Mutual Funds
Foreign Trusts
Foreign Retirement Plans
Foreign Business and/or Corporate Accounts
Insurance Policies
Foreign Accounts held in a CFC (Controlled Foreign Corporation); or
Foreign Accounts held in a PFIC (Passive Foreign Investment Company)
By: Mansoor Ansari J.D. LL.M. (TAX)
Offshore bank account disclosure attorney Houston
281-606-0055
