Gordon Law tax lawyers help expats and other investors with offshore voluntary disclosure program, and helps minimize penalties for non-compliance with IRS. We can help you annually in making sure your documents are filed according to the latest regulatory standards. Gordon Law Group offers an Offshore Voluntary Disclosure Program FBAR filing option.
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Offshore voluntary disclosure #1
1. Title: Offshore Voluntary Disclosure: Legalize Your Wealth
Content:
The offshore voluntary disclosure program is a specifically designed and available for a certain
group of taxpayers. The group of taxpayers, which is most relevant to this program, includes
American especially the dual nationality holders who have assets outside the country. The OVDP
provides them with a chance to declare all such assets and pay their outstanding taxes as per tax
law that governs the IRS. It something that is still in its testing mode, and each year we witness
some changes in the related procedures and important parameters. In fact, it is something like a
blessing for those who are living under a continuous threat of criminal prosecution as the hiding
of assets can bring criminal charges against an individual. Today we have decided to provide you
with some important information about this program and its benefits.
The main Objective of Offshore Voluntary Disclosure
According to the IRS, the foundation of this program is to facilitate the taxpayers with
undisclosed foreign accounts. Those who have such accounts and do not disclose them yet to
save their tax liabilities can now reveal them in front of the Internal Revenue Services.
Afterward, the IRS will bill them in terms of applicable taxes along with the interest and
penalties. In such an away, the taxpayers who are living in a continuous fear of getting caught
can prosecute provided with a much honorable option in the shape of the OVDP.
The First Launch of Offshore Voluntary Disclosure
The IRS started this program back in the year 2009 and from then onwards it is in place with
ongoing alterations and improvements. In fact, this program has already helped thousands of
American and specifically those who held dual nationalities.
2. Offshore Voluntary Disclosure and its Benefits to Taxpayers
However, the IRS can come up with quite a heavy tax bill, when an individual decides and
lodges his request to be a participant in the offshore voluntary disclosure program. However, it
brings several benefits as well, and you can briefly learn about a few of them in the following
passages.
Avert Serious Consequence by Offshore Voluntary Disclosure
There is not any doubt about the seriousness of consequences in case if the IRS comes to know
about your foreign accounts. The chances of criminal prosecutions and heavy fine become
inevitable in such a scenario as well. Therefore, choosing the Offshore Voluntary Disclosure
program is just like a great tool to receive kind of an indemnity.
Offshore Voluntary Disclosure Can Bring your Money Back
There are several possible scenarios where, bringing money back to home becomes a crucial
thing. In such a case, undisclosed money can never we transferred back safely as it involves
many risks. The IRS, have the several investigative mechanism that are keen to keep an eye on
such suspicious transactions. Therefore, the OVDP in such scenarios emerges as a valuable
option.
Substantial Support Available for Offshore Voluntary Disclosure
Though this program is not a traditional one, and still in its initial stage but we are lucky that a
lot of appropriate support is already available. The individuals or partners who are looking to
avail this opportunity to whiten their foreign money can easily find quality support and guidance
as it has become a matter of a phone call now. Therefore now, it has become incredibly easy to
do thing, as qualified tax attorneys and professionals already know everything involved in this
procedure.
3. Applying for Offshore Voluntary Disclosure? Hire a Professional
The offshore voluntary disclosure program indeed is a great option for many. However, it is
quite typical and hard to understand kind of thing for a person with basic or even intermediate
level of understanding. Therefore hiring a professional is almost an inevitable thing. Today, there
are several firms active in the market with providing assistance to this program. Therefore, you
should engage a tax professional if you already have planned to disclose your foreign accounts
by taking advantage of this program. Here it is necessary to mention that, it is better to seek a
tax attorney as they come with unlimited representation powers to stand for your case before the
IRS.
Website: https://www.gordonlawltd.com/tax-law/offshore-voluntary-disclosure/
Address: 400 Central Ave, Suite 340, Northfield, IL 60093
Official Mail: abg@gordonlawltd.com
Official Phone number: 847-580-1279