Many people have been accused or found guilty of tax evasion. Some have tried to hide their offshore assets, in an attempt to evade the IRS. Now with OVDP (OVDI) Tax Amnesty Programs, Offshore Voluntary Disclosure Programs, and Initiatives there is a twist. The 2012 OVDP allows taxpayers with undisclosed or unreported offshore assets and accounts an opportunity to comply with their tax obligations.
Why you should not miss out on OVDP (OVDI) Tax Amnesty Programs?
The OVDP, essentially a continuation of the 2011 OVDI, is specifically designed to ensure that offshore money is brought back into the United States tax revenue system. It also seeks to help US citizens, residents and certain other persons with undisclosed or unreported income and foreign accounts, to comply with their tax returns. However, the million dollar question is, when is the OVDP deadline?
Simply put, the 2012 OVDP (OVDI) Tax Amnesty Program enforces no deadline and the program presently has no termination date. However, those who are deliberating should be alerted to the fact that conditions can change at any stage, as may the opportunity to partake in the program. The Internal revenue Services (IRS) has made it clear that the status of the program, including qualifying criteria and penalty rates, may be altered at any stage. Similarly, the program itself may be brought to an end when delinquents least expect it.
Penalties are still payable by those who engage in the program, but take note of the clear benefits. In short the penalties are as follows:
- Currently 20% accuracy-related penalty of the total underpaid tax amount for all the years of missed tax payments.
- A penalty of 27.5% of the highest aggregate balance in offshore accounts or value of foreign assets during the period of the tax amnesty program.
There is unmistakably no price tag that can be placed on the peace of mind given to participants of the program who become tax compliant and no longer have to fear prosecution for tax evasion.
When it comes to international tax and taxation, taxpayers are better off with the services of a reputable tax attorney. You can maximize these and other advantages of the OVDP (OVDI) Tax Amnesty Programs with the guidance of a certified public accountant and tax attorney.
Let a tax lawyer specializing in International Tax Advisory help you.
Contact Christopher J. Byrne today.
