5 Biggest Mistakes in Streamlined Offshore Procedure Cases

5 Biggest Mistakes in Streamlined Offshore Procedure Cases

5 Biggest Mistakes in Streamlined Offshore Procedure Cases

As an international tax and law firm that specializes exclusively in IRS Streamlined Offshore and IRS Voluntary Disclosure matters, we have handled several hundred streamlined offshore cases, and spoken with thousands of clients along the way, since the program’s inception back in 2014.

5 Biggest Mistakes in Streamlined Offshore Procedure Cases

We have found that there are 5 main mistakes in Streamlined Offshore Cases. These situations can be avoided:

Using an Attorney who Refers you to an Outside CPA 

When you submit to the Streamlined Offshore Procedures, you are making both a tax and legal submission. Therefore, your attorney should be dually-licensed, so that they can best represent you on both the tax and legal aspects of your case. This also helps to prevent you from jeopardizing your attorney-client privilege, by discussing legal issues with an outside CPA, and thereby losing your attorney-client privilege.

*Kovel does not provide any protection for tax return preparation.

Working with an Attorney that does not Specialize Exclusively in Streamlined Offshore Matters

Unless an attorney is board-certified, there is no way to know if the attorney specializes in tax. And, within the realm of tax law, there are many sub-specialties. Streamlined and Offshore Voluntary Disclosure are a few of these specialties. Unless your attorney specializes exclusively in these areas of international tax, chances are they do not have the requisite experience to effectively represent you in your streamlined case.

Retaining an Attorney without any Litigation Experience

Unless an attorney has handled litigation and trials, they will not be able to best represent you in preparing your streamlined certification – which is made under penalty of perjury. These attorneys do not recognize how to utilize their litigation experience to help prevent and neutralize issues down the line if a person is audited or investigated.

Letting Your Attorney Put Your Submission on a Timer

Some attorneys will quote you a specific amount of time to handle your case. This is an absurd way to practice streamlined offshore disclosure law, especially since many of the complex issues are hidden deep within the analysis.

If an attorney quotes you 5-10 hours to complete a streamlined filing submission – it is destined to fail — whether now or in the future if it is audited at a later date.

And, since most cases fall under the 6-year statute, the statute of limitations has not even expired for even the earliest of stand-alone streamlined cases.

*The stand-alone Streamlined Procedures were not introduced until mid-2014.

*If the IRS believes there is civil fraud, there is no statute of limitations.

Going Streamlined when you Were Willful

This is more common than it should be. It is generally when a sole-practitioner needs to cover overheard and takes the client streamlined (who was clearly willful) down a dangerous path that may be lead to additional fines, penalties, and even a criminal investigation. Here is a case-study example.

Streamlined Offshore Specialist – Golding & Golding (Board-Certified)

We specialize exclusively in international tax, and specifically IRS offshore disclosure.

We have successfully represented clients in more than 1,000 streamlined and voluntary offshore disclosure submissions nationwide and in over 70-different countries. We have represented thousands of individuals and businesses with international tax problems.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants and Financial Professionals worldwide.

Less than 1% of Tax Attorneys Nationwide Are Certified Specialists

Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.

Recent Golding & Golding Case Highlights

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Streamlined Counsel?

How to Hire Experienced Streamlined Counsel?

How to Hire Experienced Streamlined Counsel?

Generally, experienced attorneys in this field will have the following credentials/experience:

  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA
  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience

Interested in Learning More about Golding & Golding?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant. 

Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.