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Gregory Law Group, PLLC
15851 Dallas Parkway, Suite 309
Addison, Texas 75001
0:09 Gregory Law Group, PLLC
0:19 What is Offshore Voluntary Disclosure Program?
0:58 OVDP Penalties and Criminal Investigations
1:40 International Tax Attorney Experts Free Consultation Info
Garrett and Deborah Gregory are former IRS attorneys specializing in helping small businesses and individuals with their domestic and international tax issues.
The Offshore Voluntary Disclosure Program, or OVDP, is a program setup by the IRS to assist and encourage taxpayers with undisclosed income from offshore financial accounts, or entities that they own or control, to get current with their tax obligations at a reduced penalty to if they had been detected by the IRS.
Additionally, participation in the OVDP, minimizes the risk of criminal prosecution for taxpayers coming forward.
Participation in the OVDP also limits the period of disclosure to 8 years, whereas taxpayers caught by the IRS, may have years outside of this period of 8 years.
Taxpayers face penalties for failing to disclose offshore accounts or entities with an aggregate value of $10,000 or more. There are reduced penalty amounts for smaller accounts.
The IRS criminal investigations division and the Department of Justice have grown increasingly aggressive in determining the identity of US citizens and residents who have offshore accounts or entities.
Once a taxpayer gets a letter from the offshore bank letting them know they will turn over their identity to the US Government, they need to seek legal representation and get into the OVDP before the Department of Justice seeks criminal prosecution.
The Gregory Law Group handles these types of cases and helps taxpayers get compliant with respect to their offshore holding.
Garrett and Deborah Gregory both worked on the IRS's International Field Counsel for a combined 24 years.
Please call our office today to schedule your Free, Confidential Consultation.
Call 1-888-346-5470 for a FREE OVDP Consultation or http://gregorytaxlaw.com/fbar-filing-requirements-what-you-need-to-know/
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OVDP and Offshore Bank Accounts | International Tax Attorney Explains Offshore Voluntary Disclosure Program