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Top Things to Ask an OVDP Lawyer

Offshore Account Update

Posted on November 4, 2019 |

Let Skilled Boston OVDP Lawyers Help

U.S. taxpayers holding previously undisclosed offshore accounts have had to deal with a recent change in the tax laws. The Offshore Voluntary Disclosure Program (OVDP) used to be the IRS program allowing offshore account holders to report previously undisclosed accounts, while reducing tax penalties and avoiding criminal exposure. When the IRS ended OVDP in September 2018, the new voluntary disclosure program now applied to these same taxpayers holding offshore accounts.

So what are the top questions you should ask your OVDP lawyer? Find out below, as well as how Boston IRS voluntary disclosure lawyers can help.

Am I Eligible for the Voluntary Disclosure Program?

To determine your eligibility for the IRS voluntary disclosure program, your Boston IRS voluntary disclosure lawyers will need to review your case carefully. The following are several factors the IRS could consider to potentially disqualify you from the program.

  • Investigations or Examinations: You may be disqualified from the program if you are under criminal investigation or examination. You may also be disqualified if the IRS has notified you that it intends to start an investigation or examination of you.
  • Illegal Income: You could potentially be ineligible if any of your income is from illegal activity.
  • IRS Learned of Your Tax Liability: If you have any reason to believe the IRS has obtained information regarding your tax liability – in other words, you’ve been caught – this may be grounds for disqualification.

It should be noted that none of these factors are automatically disqualifying. Your Boston OVDP lawyers can help determine your eligibility based on your specific circumstances.

Will I Face Any Tax Penalties?

The answer to that is almost certainly yes, but the nature and extent of the tax penalties will vary widely from taxpayer to taxpayer. The voluntary disclosure guidelines require participating taxpayers to pay a large civil fraud penalty, which is only waived in exceptional circumstances. In addition, you may have to pay FBAR penalties for your failure to file accurate Foreign Bank Account Reports (FBARs) for past years. The penalties will vary depending on whether the FBAR violations are found to be willful or non-willful.

Your Boston IRS voluntary disclosure lawyers should be able to provide a detailed estimate of any fines or penalties you will be facing.

What Happens to My Criminal Exposure?

Participation in the voluntary disclosure program does not act as a guarantee of immunity against criminal prosecution. However, the IRS will be much less inclined to investigate or prosecute you … provided, that is, that you have made a full disclosure and paid all applicable fines or penalties. This is where you need Boston OVDP lawyers to ensure you are making accurate disclosures and protecting yourself from criminal exposure.

Consult With the Boston IRS Voluntary Disclosure Lawyers at Thorn Law Group

If you are a U.S. taxpayer who wants to come into reporting compliance on your offshore accounts, speak to the Boston OVDP lawyers at Thorn Law Group today. Contact Kevin E. Thorn, Managing Partner, at (617) 692-2989 to schedule a consultation.

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