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San Jose offshore tax attorney OVDPIf it has come to your attention that your tax filings may not be in compliance with U.S. tax laws and regulations, and you may be concerned you could face criminal liability, the IRS Offshore Voluntary Disclosure Program (OVDP) may provide a means to rectify your noncompliance status. 

About the Offshore Voluntary Disclosure Program

The OVDP applies to tax issues related to unreported offshore income or assets. The OVDP was created for taxpayers who are concerned the IRS will view their conduct as willful or fraudulent. Under the law, a taxpayer’s failure to report offshore financial assets and fully pay the taxes due related to such assets may lead to criminal charges. Allowing for voluntary disclosure once tax returns have been filed is a way a taxpayer may be able to avoid criminal prosecution.

In order to utilize the OVDP, certain requirements must be met and certain procedures must be followed. Several iterations of the OVDP have been in effect over the past few years. The IRS ended one disclosure program on September 28, 2018 and announced new rules that would affect disclosures made after that date.

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California offshore tax attorney, Offshore Voluntary Disclosure Program, report foreign assets, unreported foreign assets, avoid criminal prosecutionThe IRS will soon be ending its Offshore Voluntary Disclosure Program for undisclosed foreign assets. Failure to utilize this disclosure program by the date of its termination on September 28, 2018, means that taxpayers who have not reported foreign assets can no longer do so with assurance of avoiding criminal prosecution.

What is the Offshore Voluntary Disclosure Program?

The Offshore Voluntary Disclosure Program (OVDP) was developed as a way for taxpayers to come into compliance with fewer legal consequences in situations where the taxpayer had previously not disclosed foreign assets and the income generated on those assets. The OVDP has existed in some iteration since 2009.

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