Offshore bank and foreign asset disclosure programs and concerns about failure to pay tax and submit required forms.
If a Taxpayer is concerned that his or her failure to report income, pay tax and submit required information returns was due to willful conduct and who wants more assurances that they will not be subject to criminal inability and/or substantial monetary penalties, should the taxpayer consider participating in the Offshore Voluntary Disclosure Program (OVDP) and not the Streamline Program?
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Tax Professional Answers
Richard Lehman, JD, LLM
Yes. The Offshore Voluntary Compliance Program is a separate IRS Program that waives certain serious penalties but asserts a much higher overall penalty than the Streamlined Procedure and it assures taxpayers that they will have a perfectly clean slate.Leave a Comment 350 weeks ago