
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: April 3, 2018
Of Counsel
732-568-8360 jmcdonough@sh-law.comFor taxpayers holding undisclosed foreign accounts and assets, making a voluntary disclosure has significant benefits. Most notably, it allows you to become compliant, avoid substantial civil penalties, and generally eliminate the risk of criminal prosecution for all issues relating to tax noncompliance and failing to file a Report of Foreign Bank and Financial Accounts (FBAR).
The Offshore Voluntary Disclosure Program requires taxpayers to submit a significant amount of information to the IRS. Given the complexity of the disclosures, it is always advisable to work with an experienced attorney who can walk you through the entire process. Below is a brief summary of the steps:
Case resolution: After the taxpayer submits a full and complete submission, the case is assigned to a civil examiner to complete the certification of the tax returns for accuracy and completeness. Finally, the taxpayer and the IRS will enter into a closing agreement that resolves the case.
The clock is ticking for taxpayers to take advantage of the Offshore Voluntary Disclosure Program. Complete offshore voluntary disclosures conforming to the requirements of OVDP must be received or postmarked by September 28, 2018. In order to qualify for the program, they may not be partial, incomplete, or placeholder submissions. To find out if you may benefit from the OVDP, contact Scarinci Hollenbeck’s knowledgeable tax attorneys today.
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