OVDP Opt-Out Procedure – Successful OVDP Penalty Reduction

OVDP Opt-Out Procedure (2018) – Successful OVDP Penalty Reduction by Golding & Golding

OVDP Opt-Out Procedure (2018) – Successful OVDP Penalty Reduction by Golding & Golding

Golding & Golding recently took over a case in which the clients were railroaded into OVDP by inexperienced prior counsel.  

Successful OVDP Opt-Out

The clients chose to Opt-Out in order to try to reduce their Offshore penalty, which was very high – especially for their particular facts and circumstances.

Our team of International Tax Attorneys and Enrolled Agents (the highest credential awarded by the IRS) developed a strategy to reduce the clients’ penalties.

We worked with the IRS Agent assigned to the case (who was very fair) for over a year and following the opt-out, the IRS made the determination that the clients were non-willful and reduced a nearly mid-six figure OVDP Penalty by 85% – which ended up being less than the Streamlined Penalty amount.

Be Cautious of Who You Hire for OVDP

OVDP is a specialty. Be careful of using general tax practitioners who tout false experience and trumped up credentials. These tax attorneys have no specific focus in their practice, and literally will take any type of case (even those beyond Tax) just to pay the bills.

They charge you little fees, and oftentimes leave you in a worse position than from where you started.

If your Attorney has never handled a trial on their own nor represented their own clients before the IRS in complex, high-stakes audits or civil/criminal litigation — chances are they will be inadequate to serve as your attorney in OVDP.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.

Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.

*Please beware of copycat tax and law firms misleading the public about their credentials and experience.

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:

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

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.