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The 2014 OVDP “one size fits all’ perceived notion may be a mirage to unwary

Posted by: Zaher Fallahi
Posted On: Jun 20, 2014

Since the June 18th I have been meeting with numerous potential clients who seek my advice with respect to their options in light of the 2014 OVDP and the Streamlined Offshore Procedures.  I am consistently telling them that the changes are more substantial than they appear on their face. For example, I quote a particular pertinent part of the “Certification by U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures”:

“My failure to report all income, pay all tax, and submit all required information returns, including FBARs, was due to non-willful conduct. I understand that non-willful conduct is conduct that is due to negligence, inadvertence, or mistake or conduct that is the result of a good faith misunderstanding of the requirements of the law”.

I is advisable to be very careful about signing such statement under penalties of perjury after several years of extensive worldwide fanfare about the offshore accounts.  Here is the complete statement : Certification by U.S. Person Residing in the U.S.