Why End OVDP? A Former IRS Attorney Provides His PerspectiveNews, Offshore Account Update
Posted in on August 13, 2018
The official end of the IRS’ Offshore Voluntary Disclosure Program may have come as a shock to many with undisclosed bank accounts overseas. Those with undisclosed assets are at risk of IRS prosecution, severe audits, massive penalties and even jail time. If you have undisclosed offshore accounts, it is imperative that you speak with Maryland tax attorney Kevin E. Thorn to discuss your options. As a former IRS attorney, the closure of the OVDP is not very surprising at all. In fact, there are a number of reasons why this closure actually seems to be in the best interest of the IRS.
- OVDP was becoming less popular. Last year, only 600 people used the Offshore Voluntary Disclosure Program to report offshore bank accounts. This number is much lower than the initial participation of the program at its start in 2009. Back in 2011, the IRS reports that 18,000 taxpayers used OVDP to voluntarily disclose assets to the IRS. With dwindling numbers and a lack of participation, it makes sense that the IRS would end the Program.
- The IRS’ Offshore Voluntary Disclosure Program effectively served its purpose: to compel taxpayers to voluntarily disclose offshore bank accounts and stop offshore tax noncompliance. Does this mean that individuals with assets overseas will no longer have an opportunity to disclose their accounts and come into compliance with US tax laws? Not necessarily. Other IRS programs, such as Streamlined Procedures, delinquent FBAR procedures and delinquent international information return submission procedures will still be available to taxpayers. However, it is crucial that you consult experienced former IRS attorney Kevin E. Thorn prior to making a decision about which program best suits your specific set of circumstances. If OVDP is the right disclosure program for you, you must act fast.
Let Maryland Tax Attorney Kevin Thorn Assist You With Your Compliance Issues
If you have undisclosed offshore accounts, it is imperative that you speak with former IRS tax attorney Kevin E. Thorn to discuss your legal options. There is still time to utilize the Offshore Voluntary Disclosure Program, but it is running out! Contact the managing partner of Thorn Law Group, Kevin E. Thorn, today to help get your complicated tax matters resolved. Having helped hundreds of individuals disclose offshore accounts over the last 10 years, he can advise you on how to proceed with complicated international tax matters. The risk is too high not to disclose offshore accounts, with potential incarceration and massive penalties at stake! Call 240-235-5096 ASAP or email Kevin E. Thorn at firstname.lastname@example.org.Share This Post