Tag Archives: Offshore Voluntary Disclosure program

The Pros and Cons of Streamlined Program vs. OVDP

You face a challenging financial situation. You want a reprieve—a clean slate. Both streamlined programs and the Offshore Voluntary Disclosure Program (OVDP) may be able to help. What are these options? How do they compare to one another? Which should you choose? The Pros and Cons of OVDP Are you worried about criminal prosecution because […]

What You Need to Know About the Offshore Voluntary Disclosure Program

Is the Offshore Voluntary Disclosure Program (OVDP) right for you? Here’s a crash course to help you make sense of your options. Purpose The OVDP offers a reprieve for taxpayers with foreign financial accounts who have been willfully noncompliant in reporting. Those who qualify can avoid criminal prosecution and civil penalties. Eligibility According to the […]

Can Filing an FBAR Trigger an Audit?

You’re planning to file an FBAR (Reports of Foreign Bank and Financial Accounts). Will this action automatically get you audited by the IRS? Short answer: no. However, not filing an FBAR may increase the risk of an audit. Here’s what you need to know. What Actually Triggers IRS Action? The possibility of an IRS audit […]