The IRS currently has two categories of the Offshore Voluntary Disclosure Program (OVDP): the regular OVDP program, which will accept any taxpayer not already under investigation, and the easier and less expansive streamlined OVDP program, which is simpler and quicker.
The penalties and qualifying requirements vary greatly between the programs and it is imperative that you select the right one as you only get one shot at applying. Failure to select the right program would result in criminal charges or large civil penalties.
The tax law firm of McMahon & Associates has helped hundreds of taxpayers through the process.
Visit McMahon & Associates for more information.
Read more blog posts on OVDP:
- I Just Received a Letter from my Bank about FATCA and my Connection to the U.S.
- 18,000 Retired U.S. Military Personnel Are Living Abroad: How Many Know About FBAR and Foreign Asset Reporting Requirements?
- Offshore Voluntary Disclosure Programs Still an Option for US Taxpayers
- What Should You Do If You Have An Undisclosed Foreign Bank Account?