Offshore Voluntary Dislcosure Initiative payment plans and options

March 29, 2013 | FBAR Penalties, Installment Agreements, IRS Debt Settlement, Non-collectable status, Offer in Compromise, OVDI Offshore Voluntary Disclosure Initiative, Streamlined OVDI/OVDP, Tax Debt Bankruptcy

How to get an OVDI or FBAR penalty payment plan you can live with

For many US taxpayers considering whether or not to enter in to the IRS Offshore Voluntary Disclosure Initiative/Program (OVDI/OVDP), one of the biggest concerns is — what if I am forced to accept a 27.5% FBAR-equivalent offshore penalty? What if I am stuck with a bill that I can’t afford to pay?

We’ve written extensively about why the 27.5% offshore penalty is unlikely for the majority of OVDI participants, but for the purposes of putting the potentially millions of ex pats, dual citizens and visa holders who need to use some form of the IRS Voluntary Disclosure (standard 2012 rules, streamlined OVDI, or just late FBAR filing) at ease, this article is for you.

My OVDP article in Tax Insider

November 9, 2012 | FBAR Penalties, OVDI Offshore Voluntary Disclosure Initiative, Streamlined OVDI/OVDP, Voluntary Disclosure

What tax professionals need to know about the IRS Offshore Voluntary Disclosure Program (OVDP)

I was very fortunate to be able to contribute to the good people over at the Tax Insider, an article entitled “What tax professionals need to know about the IRS voluntary disclosure program.” Here’s an except:

IRS gets more from Credit Suisse

September 20, 2012 | FBAR Penalties, OVDI Offshore Voluntary Disclosure Initiative, Streamlined OVDI/OVDP, Voluntary Disclosure

The Wall Street Journal is reporting today more success for the IRS’ ~~fishing expedition~~ investigation into American’s with unreported foreign accounts.

ZURICH— Credit Suisse is handing over more internal documents to U.S. authorities in response to Washington’s crackdown on tax evasion, according to an internal memo reviewed by The Wall Street Journal.

Earlier this year, Switzerland’s second-largest bank by assets and at least four smaller lenders transferred correspondence concerning details of their U.S. operations and containing thousands of names of employees who have dealt with American clients, causing controversy in Switzerland over personal privacy.

Tax Attorney Anthony Parent writes article on the new Streamlined OVDI

September 20, 2012 | FBAR Penalties, News, OVDI Offshore Voluntary Disclosure Initiative, Streamlined OVDI/OVDP

Anthony Parent, tax resolution lawyer, has a harsh review of the IRS news “streamlined” Offshore Initiative.

Wallingford, Conn. – September 20, 2012 – Anthony Parent, founder of IRS Medic, recently wrote an article discussing a new streamlined program to the IRS Offshore Disclosure Initiatives (OVDI), found on his website http://www.IRSMedic.com, titled “Streamlined OVDI promises uncertain relief for few” Mr. Parent discusses the serious limitations to the this program. Anthony has strong words for the Streamlined Initiative “As someone who works on OVDI cases every day, and the actual facts on a huge sample of cases, it is my opinion that this streamlined process is close to a waste of time. There are four reasons: First, this streamlined process hardly addresses the vast majority of innocent non-compliant offshore accounts holders who tried their best. Second, it has the potential to reward those who made no attempts at compliance while punishing those who did. Third, it only applies to expatriates or “inadvertent” US citizens. Lastly, the guidance is so vague and uncertain, that is is foolhardy to recommend this program except to very, very few.”