Offshore Voluntary Disclosure Program - Are You Eligible?
Do you own foreign assets and have failed to comply with FBAR regulations?
Have you gotten letters from the IRS informing you of FBAR violations?
If you have not reported all your foreign assets and holdings to the IRS, you may be eligible for relief. The Offshore Voluntary Disclosure Program (OVDP) is a program that was introduced to provide foreign asset owners facing FBAR violations a second chance. When you pursue a resolution through OVDP, you are eligible for immunity from substantial penalties and criminal investigations. Pure Tax International specializes in guiding U.S. taxpayers with FBAR problems into proper OVDP procedures and bring them back into compliance.
Are You Eligible for OVDP Relief?
You are in danger of penalties or criminal investigation as a result of FBAR delinquency, so it's in your best interest to consider OVDP to resolve your FBAR compliance issues.
"A voluntary disclosure enables them to become compliant, avoid substantial civil penalties, and generally eliminate the risk of criminal prosecution for all issues relating to tax noncompliance and failing to file FBARs. In contrast, taxpayers simply filing amended returns or filing through the Streamlined Filing Compliance Procedures do not eliminate the risk of criminal prosecution. Making a voluntary disclosure also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues. Taxpayers who do not submit a voluntary disclosure run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution. The IRS remains actively engaged in identifying those with undisclosed foreign financial accounts and assets. Moreover, increasingly this information is available to the IRS under tax treaties, through submissions from whistle-blowers, and from other sources that will become available under FATCA." (irs.gov)
Penalties for FBAR Violations Include:
- Up to $10,000 civil penalty per violation (for violations deemed as "non-willful")
- Up to $100,000 penalty for "willful" violations; OR
- Up to 50% of the balance in the account during time of violation, for each violation
- Criminal investigations for extreme cases of neglected FBAR compliance.
Need more information about FBAR?
Visit our FBAR resource page for more information on FBAR compliance
Pursue OVDP Relief Today!
OVPD was introduced so that U.S. taxpayers with foreign assets can avoid substantial fines and criminal investigations, but filing for OVDP must be done properly and promptly. Remember, if you try to file your late/amended FBAR forms instead of pursing resolution through OVDP, you are still at risk of FBAR penalties and criminal investigations. The international tax law experts at Pure Tax International specialize in helping U.S. taxpayers with FBAR problems to properly enroll within OVDP. When you call us today for a free consultation, we will begin the steps necessary to properly enroll you in OVDP, and resolve your FBAR compliance issues for good:
Step 1 - EvaluationIf you have FBAR issues and need OVDP consulting, contact us today to speak directly with our President, Tim Halcomb. He will schedule a time at your convenience to conduct a conference with you and our team of international tax specialists. We will gather and evaluate all information necessary to construct a plan of action.
Step 2 - Cultivate Necessary DataWhen you retain our services, Our team of International Tax Attorneys will contact the IRS and expropriate government bureaus to initiate the OVDP process.
Step 3 - FBAR Compliance & OVDP StrategyOnce we collect and organize all pertinent information, we will perform a personalized strategy to resolve your FBAR problems through the OVDP process. We will keep your personal information 100% confidential as we complete your OVDP enrollment from start to fnish. Our team of international tax professionals will keep you up-to-date with the progress of your case the entire way.
Call us today to speak directly with our President, Tim Halcomb
Or, fill out our appointment request form