Houston OVDP Lawyers – 2019 New Procedures (Board Certified in Tax)
Houston OVDP Lawyers – 2019 New Procedures (Board Certified). OVDP Lawyer Team for Houston, Texas. Streamlined & Updated Voluntary Disclosure Procedures).
Even though the Internal Revenue Service ended OVDP (Offshore Voluntary Disclosure Program) in September 2018, the IRS also introduced, expanded and updated voluntary disclosure procedures in November of 2018.
The traditional IRS voluntary disclosure program – which includes both US and offshore income, assets, investments and accounts – was “reintroduced, expanded and updated.”
Houston OVDP Lawyers – 2019 New Procedures
In addition, at t the current time, the streamlined procedures still exist.
And, while there have been rumblings that the program will be ending sooner than later — the programs are still active.
Therefore, if you were non-willful and meet the other requirements — you can still currently qualify for the streamlined program.
Golding & Golding
At Golding & Golding, our Board Certified Tax Law Specialist Team specializes exclusively in IRS Voluntary Disclosure.
Voluntary Disclosure is the legal disclosure and reporting of domestic and offshore money. This money usually includes items such as:
- Offshore Bank Accounts
- Offshore Investment Accounts
- Offshore Securities and Funds
- Offshore Assets
- Offshore Income
- Domestic Income
IRS Voluntary Disclosure Options
There are 5 main versions of the program. In addition, there is an “illegal” version of Voluntary Disclosure as well, which is referred to as “Quiet Disclosure” or “Silent Disclosure.”
Here are the 5 Main Options:
(New) Updated Traditional IRS Voluntary Disclosure Program
When OVDP (Offshore Voluntary Disclosure Program) ended back in September 2018, the Internal Revenue Service was unclear as to whether an New “Offshore” Voluntary Disclosure Program would be introduced. Instead of a “new program,” the traditional voluntary disclosure program was expanded.
You can use the disclosure program to submit FBARs for your Foreign Bank Accounts, FATCA, PFIC, along with your Domestic Income.
SFCP – IRS Streamlined Filing Compliance Procedures
IRS Streamlined Filing Compliance Procedures are a stand-alone “streamlined” version of the traditional OVDP. The “stand-alone” streamlined filing procedures were created in 2014 by the Internal Revenue Service.
The purpose of the procedures are to assist taxpayers who were noncompliant (and non-willful) with getting into offshore (and domestic) reporting requirements.
If the Taxpayer can certify under penalty of perjury of being non-willful, the IRS reduces the penalty structure, and even waives the penalty for applicants who qualify as foreign residents.
SDOP – IRS Streamlined Domestic Offshore Procedures
SDOP is the Streamlined Domestic Offshore Procedures, and it is the program designed for for U.S. persons residing in the United States (or do not otherwise meet the technical “Foreign Resident Test”)
SFOP – IRS Streamlined Foreign Offshore Procedures
SFOP is the Streamlined Foreign Offshore Procedures. These are the Procedures for U.S. persons residing outside the United States. They are referred to as the Streamlined Foreign Offshore Procedures.
DIRP – Delinquency Procedures for Offshore & Foreign Accounts and Assets
If you do not have any unreported income resulting in having to amend the income portion of your tax returns — and all you have is unreported foreign assets, accounts or investments with no unreported income — you may be in luck.
In these instances, in which you do not otherwise need to file for traditional offshore disclosure or the Streamlined Filing Compliance Procedures — you may qualify for the Delinquency Procedures and avoid any penalties.
RC – Reasonable Cause for Offshore & Foreign Accounts and Assets
Reasonable Cause may be an option for some taxpayers. Specifically, if you were completely non-willful in your failure to disclose and were unaware that there was any reporting requirement, then the thought of paying any penalty may sound absurd.
Fixing Lesser Experienced Law Firm mistakes.
IRS Voluntary Disclosure is complex enough for experienced practitioners who focus exclusively in the area of law, never mind relative newcomers who are trying to handle more than just offshore voluntary disclosure as part of their everyday tax practice.
We know, because those cases usually end up on our door-step.
How to Find Experienced & Reputable Offshore Voluntary Disclosure Counsel
Nearly all the experienced Attorneys in this field will have 5 Main Attributes:
- Board Certified Tax Law Specialist
- Master’s of Tax Law (aka LL.M.)
- Dually Licensed as an Enrolled Agent or CPA
- Around 20-Years of Private Practice experience
- Extensive Litigation, Trial and related high-stakes experience.
Learn How Attorney & Tax Prep Fees are Charged in IRS Voluntary Disclosure
Learn about how experienced and reputable dually-licensed tax law specialists charge attorney and tax preparation fees.
Contact Us Today; Let us Help You.
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver, and has also earned the prestigious Enrolled Agent credential. Mr. Golding is also a Board Certified Tax Law Specialist Attorney (A designation earned by Less than 1% of Attorneys nationwide.)