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