Skilled Guidance on the Offshore Voluntary Disclosure Program

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.

Tax lawyers at Frost Law have the in-depth knowledge of international tax issues needed to help you protect your interests.

Need guidance on the Offshore Voluntary Disclosure Program?

Give us a call at (202) 618-1873 or fill out this brief contact form.

Is the Offshore 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, which 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 lawyers 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.

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 contact form.