Do you need to report offshore income and accounts to avoid criminal prosecution by the IRS? The Offshore Voluntary Disclosure Program, expanded in 2014, encompasses a large number of U.S. taxpayers with foreign accounts, making you subject to penalties and prosecution for nondisclosure. The penalties are steep--50 percent of the maximum value of the account, as measured during the compliance period, or $10,000 per account, per year (for non-willful failure to file) and $100,000, whichever is greater.
An international tax professional can help you submit information and report on your foreign financial accounts via the Offshore Voluntary Disclosure Program.
We understand the intricacies of offshore voluntary disclosure and the differences between the 2012 and 2014 programs. Our team of experienced professionals can help you identify the potential benefits and affects, including how the penalties are calculated, as well as the process and requirements of the program.
Contact our international tax team today!
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