Foreign Offshore Bank Account Reporting – IRS Offshore Voluntary Disclosure Programs – IRS OVDP Amnesty for FBAR Non-Filing Compliance

Streamline IRS Offshore Voluntary Disclosure Programs (OVDP) – Which Program is right for you?   

Amnesty may be available for non-compliance with Foreign Bank Account Reporting and Disclosure to the IRS – Get FBAR Help & IRS OVDP Help Here:

Big Brother is watching in the case of Foreign Bank Account Reporting. This program gives people the chance to come into the IRS before the IRS finds them. In many cases, the IRS is getting help from the overseas banks themselves who engineered the offshore tax evasion practices in the first place!

Take overseas banks like UBS and HSBC, who also depend on their US-granted bank charters to do business here in the USA, and the IRS has the perfect recipe to motivate these foreign banks to cooperate with them in this effort to catch tax evaders or risk being shut down from operating in the USA. Add in the increased capabilities and sophistication that modern computerization allows, and the net needed to be cast by the IRS to catch tax evaders becomes even smaller.

Under the old and new programs, some taxpayers qualify for penalties as low as 5%. For the new program, that category includes inherited accounts those accounts that have not been actively managed.
Taxpayers who are already being audited cannot participate in the program. Those who have made “quiet disclosures” by amending previously filed tax returns may be able to apply for the program.
Taxpayers are urged by the IRS Chairman to disclose foreign accounts – before recent new reporting requirements for overseas banks under FATCA and other changes to US tax treaties give the IRS more information for use in criminal cases.
Please contact our office for any assistance needed for the IRS Foreign Bank Account Reporting Offshore Voluntary Disclosure Program and for assistance in preparing the applicable prior year amended tax returns & FBAR returns in conjunction with participation in the IRS Offshore Voluntary Disclosure Program to apply for Non-Filing Amnesty & to report previously undeclared income on amended tax returns for prior years.

Should you have questions or need Business or Individual Tax Advice, our firm may be contacted at: 

PHONE:  (305) 672-4272  [4CPA]




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