call us toll free:

888-8TAXAID
(888-882-9243)
Monday - Friday from 9:00 am to 5:00 pm

Monthly Archives: June 2014

IRS Will Now Accept an ‘I Was Clueless’ Defense for Offshore Tax Evaders

Newsweek.com - As the Justice Department winds down its eight-year crusade against Swiss banks selling offshore tax-dodging services to wealthy Americans, the Internal Revenue Service is offering its own parting gift: softer penalties for taxpayers who come out of the woodwork to disclose their secret accounts. Call it the advent of the “I was clueless” defense.…
Read more

Components Of The Revised OVDP Program!

The new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for the following clarifications to the OVDP program: Continuation of 2012 OVDP. The "revamped" OVDP is not a new program but rather a…
Read more

OVDP Penalty Increased To 50%!

The new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for and increased 50% FBAR Penalties for 'Willful' Non-Disclosers. This group includes those individuals who have offshore bank accounts with a foreign…
Read more