2012 Offshore Voluntary Disclosure Program
In January 9, 2012, the IRS began an open-ended offshore voluntary disclosure program (OVDP) on the heels of strong interest in the 2011 and 2009 programs. The IRS may end the 2012 program at any time in the future. The IRS is offering people with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous program (27.5% v. 25% in 2011 program) but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
If you need assistance with the IRS representation, tax preparation, tax planning and disclosure of your undeclared foreign bank accounts, please contact the Los Angeles & Orange County Tax Attorney, CPA, Zaher Fallahi, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to [email protected].