DeBlis explains, “Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties, and eliminate the risk of criminal prosecution. Making a voluntary disclosure also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues.” According to DeBlis, consumers who receive a letter from their bank notifying them that their name will be released to the IRS as an offshore account holder need to act immediately and seek counsel. It could save you thousands of dollars in penalties. The OVDP program has requirements that must be met in order to take advantage of it and potentially avoid costly fines, but once the IRS is aware of the accounts or an investigation has been opened, it is too late.
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