2012 OVDI program is the third in a series of offshore volunteer disclosure programs. Program has been put in place to make Individuals and Businesses to come in compliance of undisclosed foreign financial assets. It is one of a wide range of tax issues IRS is working on both within the country and internationally.
With the success of previous OVDI programs, IRS is clear that US residents have significant foreign financials assets in foreign countries. IRS confirmed that they have collected over $5 billion dollars from previous OVDI programs, but only small amount of residents have taken advantage of the program so far. All this means IRS will only pursue this matter more seriously and as we have seen that the penalties are only increasing with each successive program.
US citizens or residents who may have missed the deadline to file the FBAR (foreign bank account reporting) or any other deadline to comply with US Tax Laws regarding the disclosure of foreign bank account such as form 8938 or even missed reporting foreign income including foreign rental income should evaluate their options apart from OVDI and try to become compliant. Failure to disclosure foreign assets or include foreign income in tax filing can result in civil and criminal penalties.
OVDI and Streamlined Filing Compliance Procedures give individuals and businesses to apply for relief from such civil and criminal penalties. Under these programs you are required to file amended tax returns and prior years FBAR filings apart from paying the respective program penalties and interest and penalties on back taxes.
Contact our office for an appointment with Sanjay Muppaneni CPA to discuss your specific case and to understand the right option for your specific case.
Additional Resources:
Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers 2014
How to Make an Offshore Voluntary Disclosure
Streamlined Filing Compliance Procedures
The most reliable and easy way to file your Income Tax Return online. SanjayTaxpro can save you a lot of time and effort by filing your taxes properly.
If you run your own business, no matter what size, bookkeeping and tax filing are a legal requirement. Sanjay Taxpro can save you time in maintaining...
Sanjay TAxPro provides Tax audit representation or audit defense for our clients. Our representative will attend all meetings and handles correspondence...
Sanjay Taxpro Incorporation Services or Business Formation Services can help you pick the correct business structure for your business from a tax planning...
Our Bookkeeping & Payroll services are designed to lessen the burden of day-to-day, monthly bookkeeping and payroll tasks. Detailed management of your daily finances...
You work hard to bring home a paycheck, provide food and shelter, and accumulate wealth, so you don't want to leave these important issues to chance...
We have signed an agreement with IRS to process W7 (ITIN) applications as Certifying Acceptance Agent (CAA). A CAA is an individual, business or organization...
If you are facing the possibility of an IRS or state collection action, getting a tax advice from Sanjay TaxPro could be one of the best possible decisions...
349 Cobalt Way Unit 308, CA 94085
(Next to Sneha Indian Restaurant)
39159 Paseo Padre Pkwy Unit 115, CA 94538
(Opposite to Big Cinema)
7033 Village Parkway Suite 207, CA 94568
(Near to Dublin USPS)
520 Hamilton Ave, CA 95035
(Near to Milpitas City Center)
For special promotions and discounts, discuss with your Tax Preparer.
* Conditions apply. Check with Tax Preparer for terms and conditions.