IRS Offshore Voluntary Disclosure Program (OVDP)
Orlando Certified Forensic Accountant
What Is The IRS Voluntary Disclosure Program?
Since 2009, the IRS has engaged in an offshore voluntary disclosure programs which allow individuals and and businesses come forward with information about offshore bank and financial accounts and come into compliance with all reporting requirements, while avoiding criminal sanctions.
While the IRS has announced that this program will remain open indefinitely, it is extremely important that the OVDP program be utilized by those who have undisclosed accounts as the earliest possible time. Much publicity has been given to the fact that the United States and Switzerland now have an agreement in place that allows Switzerland to provide to the IRS specific information on bank and financial accounts domiciled in Switzerland.
What has not received as much publicity is the fact that the IRS, Australia and the United Kingdom recently announced a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world. There has already been a substantial amount of data acquired that reveals extensive use of entities organized in jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands. According to a recent announcement by IRS, this data contains both the identities of the individual owners of these entities, as well as the advisors who assisted in establishing the entity structure.
In other words, IRS is “closing the net” on those who have not reported offshore accounts as required by law.
Paulette Smith has worked successfully with many taxpayers, assisting them in navigating the complex process of making offshore disclosures.
Orlando Accountant You Can Trust
Certified forensic accountant Paulette Smith is dedicated to her work. Passionate about finances, Paulette has the experience and drive needed to handle your financial case. Contact Paulette Smith CPA by calling 407-440-8714.