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Archive by Month: May 2017

OVDP Investigations are Underway

Offshore Account Update

Posted on May 31, 2017

The Offshore Voluntary Disclosure Program (OVDP) was created to allow taxpayers to voluntarily come forward and admit they had not filed their required Reports of Foreign Bank and Financial Accounts. The purpose of OVDP was to reduce penalties for those who were not willful violators, because penalties in some cases have actually exceeded the value of undeclared offshore accounts.

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