- Tax Problems / Debt Relief
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- Offer in Compromise
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- Foreign & Offshore Bank Accounts (OVDI & FBAR)
IRS OVDI & FBAR Compliance & Tax Problem Assistance
IRS Offers Limited-Time Tax Amnesty Program for Undisclosed Offshore Accounts
If you have an undisclosed offshore bank or financial account and have failed to file your Report of Foreign and Financial Accounts, often called an FBAR, the IRS has enacted a new amnesty program called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) which is aimed at providing US citizens and residents with the opportunity to come forward, disclose their unreported accounts and income, while avoiding criminal prosecution and reducing IRS penalties. Your only other alternative is to hope and pray you that you avoid discovery and criminal prosecution. Not a very good bet in today’s environment.
IRS Commissioner Doug Shulman in announcing the 2011 Offshore Voluntary Disclosure Initiative on February 8, 2011, said "As we continue to amass more information and pursue more people internationally, risk to individuals hiding assets offshore is increasing. This new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them."
As the IRS continues to investigate the existence of foreign accounts and pressures foreign governments and banks to disclose the names of their US taxpayer clients, Congress, the IRS, the FBI and other US authorities have continued to create new tools that increase the risk of discovery and have increased the penalties for those caught. Whistle blowers are hard at work trying to earn the rewards for disclosing your unreported accounts. Criminal prosecution and jail-time are now real possibilities for US taxpayers that do not come forward to report their undisclosed offshore accounts and income. Joining the 2011 Offshore Voluntary Disclosure Initiative (OVDI) can help you avoid criminal prosecution, reduce the penalties that you face, and get back into the system at the lowest cost and risk.
No Appeals Process Under the 2011 OVDI
Why is it important to choose the right counsel to guide you through the OVDI process? Under the 2011 Offshore Voluntary Disclosure Initiative, you waive all appeal rights. There are no second chances. You must choose the right counsel to guide you through this process to avoid the harsh consequences that can result from an improper disclosure.
Attorneys at Fried & Rosefelt, LLC understand the requirements of the 2011 Offshore Voluntary Disclosure Initiative and know how to guide you from beginning to obtain the results you are looking for. Reduce your penalties, avoid criminal prosecution. Call us now or fill out our contact form for a confidential consultation with one of our attorneys.