Do Green Holders Qualify for OVDP or Streamlined Procedures? Yes. Green Card Holders do qualify for the IRS (New) OVDP and the Streamlined Filing Compliance Procedures. The streamlined program is an IRS program designed to help non-willful taxpayers safely report offshore accounts, assets, investments and income. In light of the recent increased enforcement of foreign accounts compliance, the Internal Revenue Service has taken an aggressive position when it comes to reporting. Offshore penalties, such as the FBAR Penalty can be drastic. If a green card holder (or former green card holder) qualifies for either the Streamlined Domestic Offshore Procedures (SDOP) or Streamlined Foreign Offshore Procedures (SFOP) they may be able to reduce and/or waive all penalties. If a green card holder does not qualify for the streamlined program they may qualify for the new OVDP aka Updated Voluntary Disclosure.
*For the analysis below, we presume the taxpayer qualifies for the Streamlined Program, but is unsure which program they would qualify for based solely on Green Card Status.
Current Green Card Holders
If a person is currently a green card holder, they are considered a U.S. person. As a U.S. person, they are treated just as a U.S. citizen would be treated. Therefore, the baseline position would be the Streamlined Domestic Offshore Procedures and the 5% miscellaneous offshore penalty.
But, if the green card holder can show that he or she was out of the country for at least 330-days in any one of the last 3-tax years, they may qualify for the Streamlined Foreign Offshore Procedures — and a penalty waiver.
Former Green Card Holders
If a person is a former green card holder (and presuming they voluntarily abandoned their status and have no expatriation issues), they would presumably qualify for the Streamlined Foreign Offshore Procedures, as long as they can show they did not meet the substantial presence test in any one of the last 3-years. If they are no-longer green card holders BUT qualify as U.S. persons because they met the substantial presence test for all 3-years, they may have to submit under the Streamlined Domestic Offshore Procedures.
Golding & Golding (Board-Certified Tax Law Specialist)
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.
- Learn more about the Board-Certified Tax Lawyer Specialist credential
- Learn more about the Enrolled Agent credential
- Learn more about Golding & Golding’s Case Accomplishments
- Learn more about Golding & Golding Testimonials from prior clients
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 Offshore 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
Beware of inexperienced counsel trying to mislead you about the Streamlined Procedures or Reasonable Cause.
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.