The IRS has created the Offshore Voluntary Disclosure Program to allow anyone who has offshore banking activity to come on their own to disclose it to the IRS and to pay taxes and penalties on it. Not participating in the program could result in thousands of dollars in penalties alone and criminal charges being filed [...]
If you have offshore financial activity, the Internal Revenue Service (IRS) asks that you come forward with voluntary disclosure of this information. Taxes are required to be paid on the activity and coming to the IRS voluntarily eases much of the pain on both sides to get the taxes paid and the matter closed. This [...]
The IRS has created the Offshore Voluntary Disclosure Program for all taxpayers who have offshore accounts. It allows them to report to the Internal Revenue Service (IRS) financial activity and pay the appropriate fees without having to face high penalties and criminal charges. If you have any offshore activity, then you are asked to participate [...]
Anyone who has offshore banking activity is directly affected by the Offshore Voluntary Disclosure Program. Many people question as to why the Internal Revenue Service (IRS) is going after offshore account holders and also why the program was created. Though the accounts are not located within the United States, the taxpayers are citizens and are [...]
This is a great video about The Purpose of the Offshore Voluntary Disclosure Program
