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Offshore Voluntary Disclosure Program (2014 OVDP)

Offshore Voluntary Disclosure Program (2014 OVDP)

Zaher Fallahi, Certified Public Accountant (CPA) and Attorney At Law, is a CPA and Law firm with emphasis on US tax, tax controversy, un-disclosed offshore accounts, international tax, foreign gifts, and Office of Foreign Assets Control (OFAC) Regulations. We are licensed in California and Washington D. C., and represent tax and OFAC clients throughout the United States and overseas. Depending on the case, telephone appointments are available for long-distance clients.

 

Harvard Law School

Zaher Fallahi has completed “Negotiation and Leadership” and “Leveraging the Power of Emotions as You Negotiate” Certificate Programs at Harvard Law School.


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    


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.


New 20% tax deduction. There is a new 2018 deduction of 20% for pass-throughs; New 20% Deduction for Pass-Throughs



Zaher Fallahi, Certified Public Accountant (CPA) and Attorney At Law is a CPA and Law firm with emphasis on US tax, tax controversy, un-disclosed offshore accounts, international tax, foreign gifts, and Office of Foreign Assets Control (OFAC) Regulations. We are licensed in California and Washington D. C., and represent tax and OFAC clients throughout the United States and overseas. Depending on the case, telephone appointments are available for long-distance clients.

 

Harvard Law School

Zaher Fallahi has completed “Negotiation and Leadership” and “Leveraging the Power of Emotions as You Negotiate” Certificate Programs at Harvard Law School.

 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.

 

(310) 719-1040 (Los Angeles)

(714) 546-4272 (Orange County)

e-mail taxattorney@zfcpa.com