Streamlined Procedures Foreign Account Compliance (Update)
At the end of 2018, the IRS terminated the OVDP (Offshore Voluntary Disclosure Program).
To offset the damage, and to still entice applicants to come forward and disclose their foreign accounts and proactively get into IRS Offshore Foreign Account Compliance, the IRS expanded the traditional IRM Voluntary Disclosure Procedures (which are referred to as making a “Domestic Voluntary Disclosure)
Even though several changes were made to traditional voluntary disclosure, no changes were made to the Streamlined Program at that time.
Streamlined Procedures Foreign Account Compliance
International Tax Compliance is a major enforcement priority for the IRS. With the introduction of FATCA (Foreign Account Tax Compliance Act), more than 110 countries and more than 300,000 Foreign Financial Institutions “FFIs” have agreed to report U.S. Account Holders to the IRS.
The penalties for failing to comply with FBAR Requirements alone can reach as high as $10,000.00 per account, per year (if you were non-willful) and as high as 100% value of the account if you were willful (in a multi-year penalty situation)
Golding & Golding, Board Certified in Tax Law
We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.
Golding & Golding is the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.
- Learn more about the Board-Certified Tax Law Specialist credential
- Learn more about the IRS Enrolled Agent (EA) credential
- Learn more about Golding & Golding’s Case Accomplishments
- Learn more about Golding & Golding Testimonials from prior clients
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. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.