Do you Qualify for OVDP or Streamlined Filing Relief?
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OVDP / FBAR / STREAMLINED FILING
IRS Offshore Voluntary Disclosure Program
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FBAR-Foreign Bank and Financial Accounts
Do you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account? If so you may be required to file a Report of Bank and Financial Accounts known as either the FBAR or FinCEN Report 114.
The IRS has a long and complex list of rules and requirements for filing the FBAR form. Failure to comply could result in substantial civil or criminal penalties. Our seasoned Tax Attorneys can evaluate your situation and determine if you are required to report your offshore accounts to the U.S. government.
IRS Changes Offshore Programs to Help Taxpayers
On June 18, 2014, the IRS announced major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes provide thousands of people a new avenue to come into compliance with their U.S. tax obligations. The changes include expansion of the streamlined filing compliance procedures and important modifications to the Offshore Voluntary Disclosure Program (OVDP). The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore income, accounts or assets was non-willful. Taxpayers should consider entering into the OVDP program for amnesty if they believe they have willfully failed to disclose offshore bank accounts, assets, foreign entities or income.
Our highly skilled team of international tax attorneys can assess your personal situation and help you decide which IRS program is right for you.
Willful Violations Vs. Non-Willful Violations
Whether a taxpayer’s conduct is considered “willful” by the IRS depends on the facts and circumstances of your particular case, federal case law and IRS guidelines. This determination requires a legal analysis by an experienced international tax lawyer to determine whether a taxpayer should proceed with the new Streamlined Procedures designed for non-willful conduct, or file for amnesty under the 2014 OVDP for taxpayers concerned that their conduct may be considered willful by the IRS.
With so much at risk, you need an experienced legal team to evaluate your options and help you decide which IRS program is right for you.
Offshore Streamlined Procedures
For individuals who certify that their non-compliance was non-willful, the streamlined process allows them to submit or amend 3 years of tax returns to report offshore income, 6 years of FBARs and pay a reduced 5% penalty on the unreported account.
If a taxpayer uses the Streamlined Procedure, they cannot later file for OVDP amnesty and may be subject to all applicable civil and criminal penalties if the IRS determines their conduct was willful.
This is why the evaluation analysis should be done only by qualified attorneys subject to the attorney-client privilege. Call and speak to one of our OVDP attorneys today and to discuss your case.
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Venar R. Ayar, LL.M
Masters of Laws in Taxation
“We have been helping clients solve their unreported offshore account and asset problems for more than a decade. We have substantial OVDP and international tax experience and can help you solve your tax problems. If you need a Tax Lawyer with the knowledge and offshore account experience to solve your tax problems, Call Us Today.”