If you have overseas brokerage accounts or stock holdings, pensions, retirement accounts, savings accounts—any financial assets other than real estate—that are worth more than $10,000 in any given year, you may have to disclose those to the IRS. Failure to do so can result in severe fines and even criminal prosecution. Over the years, the IRS has made it easier to become part of the Offshore Voluntary Disclosure Program (OVDP), where taxpayers can become compliant with the law, have the possibility of reduced fines, and not be exposed to the risk of criminal prosecution. In 2014, the IRS introduced a Streamlined OVDP that will make it even easier for U.S. citizens living overseas to become compliant. If you think you should take advantage of this program, contact GPL.
- Review your situation in an initial free consultation.
- Prepare and submit any required tax documents, including amended returns and applications to the OVDP.
- Present your case to the IRS if your non-disclosure was unintentional and seek further reduction in possible fines and penalties.
- Connect you with tax attorneys specializing in OVDP if it becomes necessary.
Question: Who is eligible for the Offshore Voluntary Disclosure Program (OVDP)?
Answer: Generally speaking, if you have undisclosed offshore accounts or assets you are eligible to apply for IRS Criminal Investigation’s Voluntary Disclosure Practice and the OVDP penalty regime.
GPL is a tax and accounting practice with an international focus that serves high networth individuals. Our tax specialists and resolution experts have been following the development of the IRS’s Voluntary Offshore Disclosure Program since its inception. That indepth knowledge allows us to make your case to the IRS in a way that will bring about a fair outcome. We are also at the center of a network of professionals–an eco-system of knowledge–so if the IRS should be in the process of initiating criminal proceedings against you, we can introduce you to attorneys who specialize in these matters. Working hand-in-hand with GPL will get you the best representation possible.
GPL Tax & Accounting is here to handle your personal and business tax preparation and planning needs. We can also handle your bookkeeping and accounting requirements. GPL provides all the tools and know-how you need to be in the best tax position while staying compliant with all tax regulations.
What is the Offshore Voluntary Disclosure Program (ODVP)?
The latest series of voluntary programs began in 2009.
I am currently under an ISR audit. Can I apply for the OVDP?
Taxpayers under criminal investigation by the IRS Criminal Investigation unit are also ineligible for the OVDP.