Our law firm has the experience and expertise to help avoid the financial and criminal consequences that may be associated with offshore accounts. We have been able to effectively assist many of our clients successfully. If you think we can be of assistance to you or someone else, please do not hesitate to contact us directly.
OVDP was a program specifically created and targeted for taxpayers with the potential for criminal liability and/or civil penalties due to willful failure to report financial assets abroad and pay the respective taxes due on those assets. The program aimed to protect taxpayers from criminal liability and provide them with terms for resolving their civil tax and penalty obligations. The program is currently closed, but we can still negotiate with the IRS on your behalf to assist you with lowering tax liability.
As of July 1, 2014, the Foreign Account Tax Compliance Act (FATCA) went into effect which means that thousands of foreign financial institutions are reporting to the IRS the foreign accounts held by persons in the United States. More than 45,000 taxpayers have come into compliance with their tax obligations voluntarily since the OVDP was launched and taxpayers have the opportunity to pay their taxes, interest and penalties, even those individuals who are not willfully hiding assets.
Taxpayers should be aware that if it becomes public that a financial institution where the taxpayer has an account or another party facilitating the taxpayer’s offshore arrangement is under IRS or DOJ investigation, the offshore penalty percentage is 50%.