As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
OVDI Update: IRS Gives Offshore Account Holders Yet Another Chance
We recentlly announced that the IRS is extending its Offshore Voluntary Disclosure Intiative (OVDI). Since September 2011, we have received hundreds of calls from offshore account holders who wanted to get into the OVDI program. Unfortunately, until now, we have had to tell them that it was too late.
Once again, if you have a foreign bank account and have not reported the taxable income earned on that account and/or have not disclosed the existence of the account through the filing of a FBAR information return, you should call or email us to discuss your case and the consequences of not filing for protection under the OVDI.
Taxpayers who are found to have willfully failed to file their FBAR or willfully underreported their taxable income are subject to criminal prosecution which could result in 10 years imprisonment and a $500,000 fine.
The IRS has announced that it intends to aggressively pursue and prosecute taxpayers who do not participate in the OVDI program.
This is a great opportunity to avoid criminal prosecution, limit penalties and get back in good standing with the IRS. Call us today for a free consultation and analysis of the merits of your case.