San Jose tax lawyer, Offshore Voluntary Disclosure Program, OVDP,  undisclosed foreign assets, IRS requirementsU.S. taxpayers who own assets held in foreign countries are required to report the assets to the Internal Revenue Service (IRS) and pay taxes on income from the assets. For taxpayers who have not met their reporting requirements, the IRS has provided a variety of methods for compliance, including the Offshore Voluntary Disclosure Program (OVDP). However, the IRS has announced that the OVDP will end September 28, 2018.

Offshore Tax Compliance Options

The current version of the OVDP, which was instituted in 2014, allows taxpayers with undisclosed foreign assets to become compliant with IRS requirements, thus minimizing the civil penalties they are required to pay and avoiding the possibility of criminal prosecution for tax evasion. This program is meant to allow those who have willfully failed to report foreign assets to achieve compliance and pay any taxes that are owed, as well as applicable penalties. 

Those who qualify for the OVDP may wish to make use of this program before it ends. For those who are unable to participate in the program, other offshore compliance options are available, including:

Contact a San Jose Tax Compliance Attorney

If you own foreign assets that have not been disclosed to the IRS, it is important to act quickly to determine whether you should use the OVDP to become compliant while the program is still available. John D. Teter Law Offices can help you understand your requirements for compliance and work with you to minimize your civil and/or criminal penalties. Contact a San Jose tax lawyer today by calling 408-866-1810.

Sources:

https://www.irs.gov/newsroom/irs-to-end-offshore-voluntary-disclosure-program-taxpayers-with-undisclosed-foreign-assets-urged-to-come-forward-now

https://www.irs.gov/individuals/international-taxpayers/closing-the-2014-offshore-voluntary-disclosure-program-frequently-asked-questions-and-answers