IRS Offshore Voluntary Disclosure Program

Accused of Tax Evasion? Contact Our Firm!

In recent years, the Internal Revenue Service (IRS) has taken measures to crack down on U.S. citizens with offshore accounts in an effort to penalize those who are trying to evade taxes. If the IRS is after you regarding your offshore bank accounts, you may be able to avoid criminal prosecution and to reduce your civil penalties by entering into the IRS Offshore Voluntary Disclosure Program. The IRS has extended the deadline for disclosure to April 15th, 2018, and our firm can help make sure everything is in order and that you avoid prosecution.

Recent Changes in the OVDI

The IRS' Offshore Voluntary Disclosure Program (OVDI) has been announced as continuing this year with some revisions. The previous years of the program resulted in several billion dollars collected in previously unpaid taxes.

The revisions on the OVDI include:

  • An increase in penalties
  • Clear benefits for disclosing foreign account information
  • The IRS’s ability to end the program or raise penalties at any given time

The initiative behind this voluntary disclosure program is to have a system for taxpayers who voluntarily revealed the existence of undisclosed foreign accounts. This is a benefit to the IRS because they are able to resolve many cases of undisclosed accounts with less effort.

Violations & Penalties for Non-Compliance

If the IRS was to detect these accounts outside of the disclosure program they can impose numerous penalties, such as prosecution for fraud.

Some of the other violations and penalties that a taxpayer could be facing are:

  • Tax evasion: up to 5 years in prison, fine of $250,000
  • Filing a false tax return: up to 3 years in prison, find of $250,000
  • Failure to file an income tax return: up to 1 year in prison, fine of $100,000
  • Failure to file an Foreign Bank Account Report: up to 10 years in prison, fine of $500,000

There is a lot at stake when dealing with offshore foreign accounts, and the IRS can be harsh and unforgiving. If you have offshore accounts you have failed to report in tax returns or you are in doubt about FBAR compliance issues, a Palm Beach County tax lawyer can help.

Securing Knowledgeable Legal Counsel

Mr. Miller has a track record of solving client's complex tax issues for over two decades. As a graduate of a top-ten law school, he apprenticed at one of the finest international law firms. He has worked as an IRS field agent and has a thorough and in-depth knowledge of the federal income tax system as well as their enforcement practices. You will be hard-pressed to find better legal representation with your tax problems.

To take advantage of the IRS Offshore Voluntary Disclosure Program, contact a Palm Beach County tax lawyer at the firm as soon as possible.

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