Assets Offshore

OVDP Closing: Sept 28th

OVDP Closing: Sept 28th

OVDP is more reasonable.  Eight years of back taxes with penalties and interest.  A reduced FBAR penalty - 27.5% of highest balance over eight years (50% if you used the wrong bank).  No criminal charge.  No prison time.  The window closes on OVDP on September 28th. 

Time Is Running Out For Taxpayers To Take Advantage Of The Offshore Voluntary Disclosure Program

Time Is Running Out For Taxpayers To Take Advantage Of The Offshore Voluntary Disclosure Program

Under current law, U.S. taxpayers must report certain offshore assets. Each "US person" with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country must file a Report of Foreign Bank and Financial Accounts (more commonly, FBAR) if the aggregate value of such accounts at any point in a calendar year exceeds $10,000. 

IRS & FATCA Hunt Offshore Accounts

IRS & FATCA Hunt Offshore Accounts

If you are a U.S. citizen or resident and have a foreign bank account anywhere, […] you must report worldwide income on your U.S. tax return. If you have an interest in a foreign bank account, check “yes” (on Schedule B).


If You Have Undisclosed Foreign Accounts, Here's How To Cut Huge Penalties

If You Have Undisclosed Foreign Accounts, Here's How To Cut Huge Penalties

Undisclosed foreign accounts or income can trigger big civil penalties, conceivably even criminal prosecution. Since 2009, many  foreign accounts and income came within the IRS's enormous offshore enforcement efforts. Nearly 10 years on, not everyone has entered the IRS Offshore Voluntary Disclosure Program (OVDP). The program is closing, but there is still time to get in under the wire.

IRS Offshore Account Amnesty Closing

IRS Offshore Account Amnesty Closing

Offshore accounts and income are still in the IRS crosshairs. […] For ten years, the IRS has run its Offshore Voluntary Disclosure Program (OVDP), a type of tax amnesty. But now, OVDP will formally close on September 28, 2018. 

IRS Announces End To Offshore Voluntary Disclosure Program

From Forbes.com

The Internal Revenue Service (IRS) has announced that Offshore Voluntary Disclosure Program (OVDP) is coming to a close. The program, which has been around in its current form since 2014, will officially end on September 28, 2018. That gives taxpayers a little over six months to come forward with previously undisclosed foreign financial assets.

"Taxpayers have had several years to come into compliance with U.S. tax laws under this program," said Acting IRS Commissioner David Kautter. "All along, we have been clear that we would close the program at the appropriate time, and we have reached that point. Those who still wish to come forward have time to do so."

Under current law, U.S. taxpayers have an obligation to report certain offshore assets. Each "US person" with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country must file a Report of Foreign Bank and Financial Accounts (more commonly, FBAR) if the aggregate value of such accounts at any point in a calendar year exceeds $10,000. In other words, if the total of your interests in all of the foreign accounts in which you have an interest reaches $10,000 or more at any point in the calendar year, you may need to file an FBAR. That applies even if you’ve been faithfully reporting the income on your federal income tax return and even if you’ve never, ever repatriated a single dollar to the U.S. It also applies even if the account produces no taxable income.

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