Foreign Bank Accounts If you have a foreign bank account that had a balance of at least $10,000 at any point during the calendar year, federal law requires you disclose the existence of such an account to the Internal Revenue Service. A taxpayer must file a Report of Foreign Bank and Financial Accounts (known as
offshore voluntary disclosure program
IRS FBAR Requirements Part 2
To read part 1 of this post, click here. Offshore Voluntary Disclosure Program The IRS reopened the Offshore Voluntary Disclosure Program (OVDP) in 2012 after taxpayers continued to express interest after the closure of the program in 2009 and 2011. The Offshore Voluntary Disclosure Program, also known as the Offshore Voluntary Disclosure Initiative, gives taxpayers
FBAR Requirements
Do you need to file a Foreign Bank Account Report (FBAR)?Taxes are confusing, and international tax laws are even more complex. The IRS has been working diligently to create a better system to bring offshore accounts into compliance, and one way they have done this is through FBAR requirements including Offshore Voluntary Disclosure Program (OVDP)/Offshore
Important Things You Need to Know About the IRS Offshore Voluntary Disclosure Program (OVDI/OVDP)
The OVDI program allows taxpayers to receive tax amnesty with the IRS. If you happen to have money in a foreign bank account, you must disclose the account and its balance to the IRS on your tax return each year. If you do not, you face certain penalties and possibly even criminal prosecution. The IRS
IRS OVDI – Role of the Attorney in the Voluntary Disclosure Process
Role of the Attorney in the Voluntary Disclosure Process An attorney that specializes in taxes can be a great resource to those who are seeking to rectify the non-disclosure status of any foreign accounts and/or income. Although participation in the Voluntary Disclosure program reduces the likelihood that the IRS will pursue further civil and criminal