STGSILVER TAX GROUP
800-778-2741
Open 24 hrs / 7 Days A Week
Real Tax Attorneys For Real Tax Issues

Fast Action. Proven Results.

START WITH A FREE CASE EVALUATION

OVDP program regarding offshore reporting to close

The IRS plans on bringing to a close the Offshore Voluntary Disclosure Program (OVDP) put in place in 2014. The plan is to close this program by September 28.

However, this announcement made by the IRS at least allows for Michigan taxpayers time to still take advantage of this problem. Nevertheless, the time for taking this advantage will quickly come to an end.

What closing such a program will mean to taxpayers.

More than 56,000 taxpayers have taken advantage of this program since 2009 inception. Due to this program, taxpayers paid $11.1 billion to the IRS concerning taxes, penalties and interest. The IRS states that more third-party reporting means there is less need for such a program. Also, taxpayers are becoming increasingly aware of their obligations when it comes to reporting offshore income due to the implementation of the Foreign Account Tax Compliance Act (FATCA)

While this program allowed for taxpayers to resolve potential difficulties regarding offshore reporting matters, there has been decreasing use of the program during the last few years. However, the IRS plans on providing other disclosure programs in the future.

Taxpayers can still take advantage of the Streamlined Filing Compliance Procedures program. The IRS claims 65,000 individuals who were not previously aware of their reporting obligations have used this program for relief.

Though the OVDP is going away, prosecution for noncompliance will continue. It is therefore important to seek guidance from experienced tax attorneys who can warn you of potential issues.

The IRS has at its disposal a number of ways for locating noncompliance when it comes to offshore reporting. This includes following up on whistleblower leads where other individuals report on alleged wrongdoers. Such crackdowns have led to a substantial number of criminal indictments.

No Comments

Leave a comment
Comment Information

When you hire us, we can help: you:

  • Obtain emergency relief from IRS actions
  • Stop the IRS from garnishing your wages
  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

Phone Answered 24/7

We are always available to answer your questions and put your mind at ease.

Call us today at
800-778-2741 for a free initial consultation

Competitive Pricing

We offer flat fees that fit your needs and your budget.

Read Our Pricing FAQ

What Past Clients Say About Us

I know I won't be getting those frightening letters anymore thanks to Chad Silver - such a weight off my mind!” - A. Gould, Ohio

Read More Testimonials

A Real History of Success

IRS debt of $682,437, Attorney Silver and his team negotiated the Debt down to zero.

View More Results

You Can Fight The IRS And Win. We Can Help.

No matter where you are in the process, we can help you make the best of your situation. Call us toll free at 800-778-2741 for a free case evaluation.

Get A Free Consultation »
PRACTICING TAX LAW NATIONWIDE

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.

Back To Top