Specifically, is there a certain amount of money that a person may have overseas, which would prevent them from being accepted into the streamlined program.
The answer is, No. The amount of money you have overseas does not determine willfulness or non-willfulness. It is unfortunate to see the number of individuals who contact our firm after having spoken with some inexperienced and aggressive offshore voluntary disclosure attorney who assured them they would have to go OVDP, solely because of how much money they had overseas; this is simply not true!
At Golding & Golding, we have represented numerous clients with unreported foreign accounts between $5,000,000 and $40,000,000 in a single disclosure, without issue.
For example, a few months back we received confirmation from the IRS after completing a comprehensive streamlined compliance submission for a US citizen with more than $8 million in foreign assets that generated over $350,000 a year in annual income in an Asian country that does not tax passive income.
The submission included multiple investments, at least 25 Foreign accounts and three PFICs. Nevertheless, the facts clearly showed he was non-willful. In other words, the amount of money you have overseas does not determine whether or not you were willful – your state of mind and actions are all that matters.
How Do I Know if I was Non-Willful?
It is a question we receive often, and the answer is relatively simple – at the time you did not report your foreign income, accounts, or investments, did you know you were supposed to report something, or believe you should have been reporting the foreign money?
Golding & Golding, A PLC
We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.