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Offshore Voluntary Disclosure Program (2014 OVDP)

 

Offshore Voluntary Disclosure Program (2014 OVDP)

The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on the heels of strong interest in the 2011 and 2009 programs. The IRS may end the 2012 program at any time in the future, and is offering taxpayers with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate (27.5%) than the previous programs (25% for 2011 and 20% for 2009 Program) but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution, OVDP    

 

Zaher Fallahi, CPA, Orange County Tax CPA, Los Angeles Tax CPA, advises clients with their tax including undisclosed Foreign Bank Accounts.

 

Look-back period

 

The US authorities have indicated that once they receive disclosure from a foreign financial institution with respect to its US account holders, they will review all accounts back to August 1, 2008, including the closed ones. Therefore, closing an account in a foreign financial institution and transferring it to another one or to another country may not be a proper remedy to avoid FATCA or FBAR.

 

Zaher Fallahi, CPA, Attorney At Law, advises taxpayers with undisclosed Foreign Bank Accounts; OVDP, FBAR, FATCA 

and Foreign Trusts; OVDP

 

We can help with undisclosed offshore accounts

Zaher Fallahi, Attorney At Law, CPA has been rated 10 out of 10 by Avvo  Rated 10 of 10 .

Zaher Fallahi, Tax Attorney, CPA, has been ranked a top tax attorney TOP Tax Attorney

About 1.8% of the US lawyers are also CPAs, and we are proudly one of them.

 

To help with your offshore accounts, contact us at:

(310) 719-1040 (Los Angeles)

(714) 546-4272 (Orange County)

e-mail taxattorney@zfcpa.com