Without OVDP, IRS Offshore Willful Penalties Are Looming

Without OVDP, IRS Offshore Willful Penalties Are Looming Without OVDP, IRS Offshore Willful Penalties Are Looming by Golding & Golding, A PLC In the next six (6) months, individuals, estates, and businesses that were willful or need to take a particular tax position (aka MTM) regarding unreported or undisclosed foreign accounts, assets, investments, and income will have a big decision to make. Do they want to enter into the traditional OVDP (Offshore Voluntary Disclosure Program) or try to stay below the radar, and continue committing tax fraud by not properly disclosing the foreign money – risking their freedom. Willfulness If a person is willful, they only have one avenue for disclosure. It is called the traditional OVDP ‘Program,’ and while it carries a relatively heavy penalty with it, it comes with some benefits: No Criminal Prosecution No Audit or Examination on the Disclosed Issues A Set Penalty Amount Ability To Make An MTM Election…

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