Entries by Tax Attorney

4 Costly Myths Taxpayers Have About the IRS’s Offshore Voluntary Disclosure Program (OVDP)

People who have undisclosed income in offshore accounts can — and frankly, should — take advantage of the IRS’s Offshore Voluntary Disclosure Program (OVDP). As the term suggests, the program allows taxpayers to voluntarily disclose all foreign accounts and fully clear their tax liability (including taxes owed, interest and penalties), instead of risk getting flagged […]

Getting Ready For The 2017 Tax Filing Season

IRS Giving Taxpayers To April 18, 2017 To File 2016 Individual Income Tax Returns. The Internal Revenue Service announced that it can start accepting 2016 income tax returns onMonday, January 23, 2017.  Returns filed before that date (by paper or electronically) will be held in suspense by the IRS. Since the IRS will begin processing […]

IRS Issues Fall 2016 Report Card On OVDP Milestones And FACTA Implementation

IRS Issues Fall 2016 Report Card On OVDP Milestones And FACTA Implementation Offshore Compliance Programs For Taxpayers With Undisclosed Foreign Bank Accounts Generate $10 Billion andMore Than 100,000 U.S. Taxpayers Come Back into Compliance In Reporting Foreign Accounts;IRS Urges People to Take Advantage of Voluntary Disclosure Programs The IRS announced on October 21, 2016 that […]