To encourage taxpayer participation in the Offshore Voluntary Disclosure Program, the IRS has implemented attractive taxpayer incentives. One of the primary benefits of participating in and completing the OVDP is that, once a closing agreement is reached, criminal prosecution for the issues addressed within the disclosure is no longer a risk. In addition to the general amnesty against criminal prosecution provided by the current disclosure program, there is a guaranteed maximum civil penalty of 50% of the highest aggregate balance of accounts, including the value of income-producing assets, during the eight years prior to the disclosure year. Taxpayers may qualify for a reduced penalty if certain requirements are met.
At Brown, PC, we have the expertise to determine your maximum potential exposure, outline your options, and discuss a strategy for minimizing your risks, giving you the ability to plan for all possibilities. We have the legal knowledge to assist you with the reporting requirements for any unreported foreign income or secret bank accounts.
Foreign Bank Account Disclosure Attorneys
If you hold an offshore account that you have not previously disclosed, and you have not reported the related income on your U.S. tax returns, we recommend you contact one of the tax professionals at Brown, PC at 817-870-0025 or toll free at 888-870-0025 to discuss the possibility of participating in the IRS Offshore Voluntary Disclosure Program. We represent U.S. clients all across the country, from Dallas to Denver to Chicago, as well as American citizens who live abroad.