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Offshore Disclosures

Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on offshore disclosures. To receive our attorneys' offshore disclosures articles please to our subscribe to our email list.
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Potential Criminal & Civil Penalties for Offshore Tax Avoidance post image

Potential Criminal & Civil Penalties for Offshore Tax Avoidance

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 […]

Author: Scarinci Hollenbeck, LLC

Link to post with title - "Potential Criminal & Civil Penalties for Offshore Tax Avoidance"
IRS to Ramp Up Criminal Prosecution to Combat Offshore Tax Avoidance post image

IRS to Ramp Up Criminal Prosecution to Combat Offshore Tax Avoidance

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, […]

Author: Scarinci Hollenbeck, LLC

Link to post with title - "IRS to Ramp Up Criminal Prosecution to Combat Offshore Tax Avoidance"
Conditions of the IRS Offshore Voluntary Disclosure Program post image

Conditions of the IRS Offshore Voluntary Disclosure 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 […]

Author: Scarinci Hollenbeck, LLC

Link to post with title - "Conditions of the IRS Offshore Voluntary Disclosure Program"
IRS Ending Offshore Voluntary Disclosure Program post image

IRS Ending Offshore Voluntary Disclosure Program

The Internal Revenue Service (IRS) recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP). The program will officially end on September 28, 2018, which means time is of the essence for taxpayers.

Author: Scarinci Hollenbeck, LLC

Link to post with title - "IRS Ending Offshore Voluntary Disclosure Program"
How to apply for voluntary offshore disclosure post image

How to apply for voluntary offshore disclosure

For 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).

Author: James F. McDonough

Link to post with title - "How to apply for voluntary offshore disclosure"
Near-80-Year-Old Millionaire Pleads Guilty to Offshore Tax Evasion post image

Near-80-Year-Old Millionaire Pleads Guilty to Offshore Tax Evasion

An elderly heiress and charity benefactor pleaded guilty in a Florida courtroom to sheltering tens of millions of dollars from the Internal Revenue Service in an offshore account.  Mary Estelle Curran, 79, admitted to violating federal tax law by failing to report more than $43 million that she hid in a number of offshore accounts […]

Author: Scarinci Hollenbeck, LLC

Link to post with title - "Near-80-Year-Old Millionaire Pleads Guilty to Offshore Tax Evasion"

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