Offshore Voluntary Disclosure Initiative: Understanding the Law

The IRS claims that hiding money overseas is one of the top 12 dirty tax scams. According to IRS Commissioner Doug Shulman's press release:


"Illegal scams can lead to significant penalties and interest and possible criminal prosecution. The IRS Criminal Investigation Division works closely with the Department of Justice to shutdown scams and prosecute the criminals behind them."  


But what about the majority of people that simply didn't know that disclosing offshore accounts is even a thing? There is a way out of this dilemma using one of the Offshore Disclosure Programs.


Should everyone with unreported income or FBARs enter into the standard IRS Offshore Voluntary Program (OVDP) and pay the 27.5% (or 50%) offshore penalty? Or are there options? Our OVDP attorneys answer that question here.


Common questions about the Streamlined Disclosure Processes

A Streamlined offshore disclosure allows the majority of taxpayers who are not in compliance a less expensive, quicker way to get into compliance. 80% of our disclosure clients qualify for Streamlined. Click here for more.


Understanding an OVDP Opt-out

There are times when we recommend a full OVDP because of bad facts, but still want to opt-out for a lower penalty. There are also situations where clients felt they were roped into the full OVDP and want a second opinion on if they should opt-out. Click here for more.


What to do when your OVDP or Pre-Clearance is rejected

If your Offshore Voluntary Disclosure or Pre-Clearance was rejected please understand that this usually means something serious. Click here for more.


When you should get an second opinion on your OVDP or Streamlined Disclosure strategy

Are you wondering whether your current OVDP representative (or yourself) is on the right track with your OVDP or Streamlined Disclosure? Do you wonder if you should opt-out of the standard penalty? Click here for more.


Contact us if you would like to speak with one of our OVDP lawyers. Call us at 888-727-8796 or email info@irsmedic.com.