While it may seem crazy to notify the Internal Revenue Service (IRS) that you have potentially broken the law, it often outweighs the risks of the agency discovering that you have failed to disclose and pay taxes. That’s because the IRS is authorized to impose significant civil and criminal penalties against you. Paying Taxes on […]
The Internal Revenue Service (IRS) announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018. However, that does not mean that the IRS is no longer making offshore tax avoidance a top enforcement priority. According to the IRS, the OVDP has simply outlived its usefulness. It appears that the program, […]
The IRS Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report and pay taxes on foreign financial assets. In addition to individuals, entities, such as corporations, partnerships and trusts are also eligible to make voluntary […]
