OVDP Lawyers: Our Board-Certified International Tax Counsel specializes exclusively in offshore voluntary disclosure of previously unreported foreign assets, accounts, investments and income. The acronym OVDP specifically refers to the Offshore Voluntary Disclosure Program. The program was designed to bring taxpayers into offshore compliance for foreign accounts, assets, investments and income. The program was closed in 2018, but a newer version of the traditional voluntary disclosure program (VDP) was introduced in 2018-2019 as well. Golding & Golding represent clients nationwide and worldwide (in over 80 different countries) in disclosing offshore accounts, assets, investments & Income. With the IRS taking an aggressive position on matters involving foreign accounts compliance and unreported foreign income — compliance is crucial to avoid offshore fines and penalties. The new updated VDP provides additional guidance on voluntary disclosures that involve offshore money. Our International OVDP Lawyer team specializes in IRS Offshore Voluntary Disclosure for FATCA, FBAR, and PFIC penalty mitigation. Each case is led by a Board-Certified Tax Law Attorney Specialist (less than 1% of attorneys nationwide).
Common offshore assets and accounts our OVDP Lawyers are retained to disclose, include:
Taxpayers (in the U.S. and abroad) who are out of IRS compliance with Foreign and Offshore Account reporting should retain an experienced dual Attorney/Enrolled agent IRS Offshore Disclosure Attorney team to assist them.
Even though OVDP has ended, If you are willful, the Internal Revenue Service has updated post-OVDP procedures, which are detailed in the Internal Revenue Manual.
Types of Offshore Disclosure Matters we Routinely Handle:
IRM Traditional Voluntary Disclosure
Streamlined Filing Compliance Procedures
Streamlined Domestic Offshore Procedures
Streamlined Foreign Offshore Procedures
Streamlined Voluntary Disclosure
Fixing Quiet Disclosures
Fixing mistakes made by less experienced Attorneys
How to Interview OVDP Lawyers
There are five (5) important questions to ask the OVDP Lawyers you are considering hiring for an offshore voluntary disclosure case
How Many Years of Litigation & Trial Experience do they have?
When it comes to offshore disclosure, one of the key components is developing and executing an offshore submission legal strategy. OVDP lawyers who specialize in this area of tax and law spend countless hours assessing client facts, to develop the best plan possible under the client’s specific circumstances. That is why you need an attorney with extensive experience, and a strong background in litigation and trial work.
Just working in a non-legal role for the IRS or an accounting or finance firm provides no experience to draw from when it comes to handling offshore voluntary disclosure. These smaller, less-experienced firms are notorious for submitting willful clients into the streamlined program to make a quick buck off the consumer.
Don’t be misled by inexperienced counsel.
We inherit these types of cases all the time:
Is the Attorney a Board-Certified Tax Law Specialist?
The Board-Certified Tax Law Specialist credential is the top credential in tax law. Most highly-experienced OVDP lawyers will have earned this credential. It is earned by less than 1% of attorneys nationwide. The test is offered in many states, such as California, Texas, Florida, Arizona and more.
Since IRS tax law is federal law (a practitioner must only be licensed as an attorney in one state to practice federal tax law) and the credential is so coveted — many attorneys will seek out licensure in another state that offers the exam, just so they can sit for the exam, and become a board-certified specialist (the exam requires significant tax experience, education and recommendations from attorneys and judges).
*The credential requires several continuing education classes in tax law every 3-years.
How Many Offshore Disclosures Has the Attorney Prepared?
This is a crucial question.
Just earning a CPA or EA credential and/or LL.M., does not substitute for extensive offshore disclosure experience — it complements it.
They say it takes 10,000 hours to master a skill. We will tell you, NO ONE ever masters tax law. But, if your attorney has earned advanced tax credentials and handled several hundred streamlined cases and offshore voluntary disclosure program submissions, you will be in good hands. When pressed, if the OVDP lawyers you are interviewing respond to this question with a “a good amount,” “a few dozen,” or “many” – but refuse to provide you a solid number or range – it means they are probably not as experienced as they want you to believe.
Has the OVDP Lawyer earned an Advanced Tax Law Degree?
If you are researching OVDP lawyers, you will come across many different acronyms – enough of them to make your head spin. But, one of the most important acronyms is called an LL.M. or a “Master’s in Tax Law.” Tax Law is incredibly complex and continues to evolve. Therefore your attorney should have this advanced credential.
Dually-Licensed OVDP Attorney Team Leader
In addition to having 20 years of attorney experience, being a Board-Certified Specialist and having earned a Master’s of Tax Law, the lead attorney should also be a licensed Enrolled Agent or CPA, and the attorney’s team should handle the entire matter, in-house — flat-fee, full-service.
Golding & Golding: About Our OVDP Lawyers
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm today for assistance with getting compliant.