Skilled Guidance On Offshore Disclosure Programs

The IRS has collected billions of dollars in recent years from taxpayers who have chosen to participate in voluntary limited-amnesty programs to disclose offshore accounts.

For many taxpayers, however, unresolved issues remain, including the threat of stiff tax penalties and even possible prosecution for tax evasion.

At Frost & Associates, LLC, in the Washington, D.C., area, we have the in-depth knowledge of international tax issues needed to help you protect your interests. Give us a call today at 202-618-1873 to discuss your specific situation during a free consultation.

Is A Voluntary Disclosure Program The Right Fit For You?

The IRS has offered a partial amnesty program since 2009 that allows foreign account holders to come into compliance with reporting requirements. The current program is called the Offshore Voluntary Disclosure Program (OVDP).

The program can enable certain taxpayers to limit the tax penalties from failing to meet requirements such as timely filing of the Report of Foreign Bank and Financial Accounts (FBAR, now called FinCEN Form 114). It can also reduce the risk of criminal prosecution for tax evasion, as long as the taxpayer continues to cooperate with the IRS.

Implementation of the Foreign Account Tax Compliance Act (FATCA) has increased the complexity of the offshore compliance challenges.

Choosing whether to participate therefore depends greatly on your particular circumstances. Our skilled tax attorneys can help you identify your options, which include:

  • Using the streamlined program — In 2014, the IRS began offering a streamlined program for taxpayers who certify that their lack of compliance with offshore reporting obligations was not willful.
  • Opting out of the OVDP — A number of taxpayers have reportedly done this in order to avoid stiff tax penalties.
  • Making a "quiet disclosure" — Another option is to file amended returns for previous years, without making a formal disclosure to the IRS about foreign accounts.

Taking Action

To arrange a confidential consultation at no cost to you with a lawyer skilled in offshore tax law, call our office at 202-618-1873 or complete our brief online form.