202002.15
1

OVDP (Offshore Voluntary Disclosure Program) IRS Update 2020

IRS OVDP (2019-2020) – Summarizing Offshore Voluntary Disclosure: The IRS developed the OVDP (Offshore Voluntary Disclosure Procedures) back in 2009. The purpose of the program is to help U.S. Taxpayers disclose previously unreported offshore accounts, assets, investments and income. In 2018, the IRS closed the program, but updated the traditional voluntary disclosure program (VDP) in…

201712.05
0

IRS Targets OVDP Denials, Rejections & Abandonment for Tax Audit

IRS Targets OVDP Denials, Rejections & Abandonment for Tax Audit OVDP Preclearance Denied With the implementation of FATCA, and the IRS receiving account disclosures and account holder information from more than 300,000 Foreign Financial Institutions, there has been a surge in the number of OVDP preclearance denials. Investigation vs. Information Preclearance denials are not necessarily because the…

201710.30
0

Manafort & Gates FBAR Fraud – Could OVDP Have Changed the Outcome?

The same way Al Capone got did in by taxes, is the same way taxes and FBAR related activities may bring down several high-ranking members of the U.S. government (current and former). FBAR Fraud Crime Even though there are numerous allegations being alleged against Messrs. Manafort and Gates, we are going to focus on one specific…