Make a voluntary disclosure of undisclosed foreign accounts or entities to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution under the reopened Offshore Voluntary Disclosure Program (OVDP).
OVDP 2012, the third offshore program comes as the IRS continues working on a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion. This program will be open for an indefinite period until otherwise announced.
The objective of the OVDP is to bring taxpayers that have undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws.
The 2012 OVDP penalty framework requires participants to
- Pay a maximum penalty of 27.5% of the highest aggregate balance in unreported foreign accounts during the eight full tax years prior to the disclosure.
- File all original and amended tax returns and include payment for back-taxes and interest for up to eight years, as well as pay any accuracy-related and/or delinquency penalties.
- Taxpayers who have come forward to make voluntary disclosures since the closure of the 2011 OVDI will be treated under the provisions of the 2012 OVDP.
- Unlike the 2011 OVDI, there is no set application deadline for taxpayers under the 2012 OVDP. However, it is important to note that the IRS can change the terms of the 2012 OVDP at any time.
- Making a voluntary disclosure also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues.
- Get Amnesty or immunity from Horrific Civil and Criminal penalties or Jail time.
MyTaxFiler provides a complete insight into the tax code that applies to Resident Individuals in the United States, including Green Card Holders and US Citizens. It also assists its customers with:
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Contact us Toll free: (888)-482-0279 or (888)-996-9829, Toll: (972)-349-0149 or (972)-961-9814 or you can mail us on: firstname.lastname@example.org. If you want more information on OVDP, visit mytaxfiler Blog to read more – http://www.addison.mytaxfiler.com/blog/