Offshore Voluntary Disclosure Lawyers
If you are one of the few Americans who have more than $10,000 tucked away in one or more foreign bank accounts that have previously been undisclosed to the IRS, then the Offshore Voluntary Disclosure Program is your safety net. By entering into the OVDI program, not only you come into compliance with the U.S. government but you could avoid any criminal tax fraud charges as well as minimize any chance of penalties.
If you have an offshore banking account that you need to disclose to the IRS, contact the Houston OVDI attorneys at Pro Tax Councel. We can assist you with entering into the program and make sure you are not penalized for stepping forward.
What is the OVDI program?
The Offshore Voluntary Disclosure Initiative, or OVDI for short, is a program created by the IRS that allows U.S. taxpayers with any unreported foreign bank accounts the opportunity to claim these accounts in exchange for reduced IRS penalties and eliminating the possibility of any tax fraud charges. Essentially, OVDI is a tax amnesty program – by coming forward with your bank accounts, you will finally be in compliance with the current U.S. tax laws. Instead of worrying about the IRS finding these bank accounts, by entering into the program, the IRS will no longer try to come after you for unpaid taxes on your foreign bank accounts.
Why Should You Enter OVDI?
Besides becoming compliant with current tax laws, by entering OVDI means that you will not be severely punished. For instance, if you have $1 million in overseas accounts yet did disclose these accounts, you could receive a penalty triple of how much you actually have in the accounts. That’s a $3 million tax bill you would be looking at. But, entering into OVDI, the penalties would be no more than 50 percent of the highest balance that was in your account at the time you failed to report them. Although that is still a steep fine to pay, it’s much better than the alternative. For more information, check out our common FAQs on OVDI.
Need Help? Don’t Wait!
Do you need help with OVDI? Then don’t wait much longer. Contact the Houston tax attorneys at Pro Tax Councel today for a free consultation. We will advise you on your best options on dealing with the IRS.