How Long Does OVDP Take?
Posted in News on March 31, 2017
The Offshore Voluntary Disclosure Process (OVDP) provides an opportunity to limit penalties for a failure to properly disclose offshore accounts as required by U.S. law. If you do not participate in OVDP and undeclared offshore accounts are discovered, it is possible you will face substantial civil penalties. The financial loss has, in some cases, exceeded the value of the undeclared accounts. Potential criminal prosecution is also a possibility if it is determined that you were evading your reporting and tax obligations for offshore accounts.Read More