Offshore Disclosures

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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The Offshore Voluntary Disclosure Program Is Closing

The Offshore Voluntary Disclosure Program (OVDP) closes September 28, 2018 and account holders that fail to disclose offshore accounts will be investigated by IRS and DOJ.

Author: James F. McDonough

May 15, 2018

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

April 12, 2018

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

April 9, 2018

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

April 5, 2018

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

April 4, 2018

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

April 3, 2018

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

January 28, 2013

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