IRS Launches Campaign to Address OVDP Withdrawals, Denials
Offshore Account UpdatePosted in on May 31, 2017
News & Events
Category: Offshore Account Update - Page 29
The Offshore Voluntary Disclosure Program (OVDP) started in 2009 and has allowed more than 55,800 taxpayers to come forward and voluntarily report that they failed to file their annual Report of Foreign Bank and Financial Account. Taxpayers have paid more than $9.9 billion in taxes, interest and penalties after coming forward and voluntarily admitting to the IRS that they didn't declare their offshore accounts at foreign banks. While this seems like a substantial amount of money, OVDP was actually created in order to help taxpayers limit the penalties they could face for undeclared offshore accounts.Read More
FBAR stands for Report of Foreign Bank and Financial Account. It is one of the most important forms that offshore accountholders must file with the Financial Crimes Enforcement Network. It must be filed in order to avoid very substantial financial losses. Civil penalties imposed for failure to file FBARs have, in some cases, exceeded the value of offshore account balances. There is also the potential for criminal charges for failure to file.Read More
If you have any financial interest in offshore bank accounts, or if you have signatory authority on any foreign bank accounts, you are required to file a Report of Foreign Bank and Financial Accounts (FBAR). You must file this form for bank accounts, brokerage accounts, mutual funds, and most other types of foreign accounts. The annual filing date for FBARs is April 15, and the maximum extension of the filing deadline is six-months, according to the IRS.Read More
Switzerland was once a haven for investors who wanted to have a safe place to keep their money offshore. This has not been the case for a long time. Many offshore investors have had their account information turned over to the IRS. Still others have worked with a Washington DC tax law firm to participate in voluntary disclosure of offshore funds before taxing authorities came after them for failure to declare their accounts in required annual disclosures (FBARs).
Read MoreSwiss Expect Deal With U.S. For Automatic Exchange of Bank Data
Offshore Account UpdatePosted in on January 20, 2017
United States taxing authorities have been working to obtain information from Swiss banks about U.S. accountholders so that the IRS and Department of Justice can take action when U.S.-affiliated individuals have undeclared Swiss bank accounts.
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