Are You In Compliance?
The U.S. Internal Revenue Service (“IRS”) has established a series of disclosure programs designed to encourage U.S. citizens and residents to declare their foreign financial accounts and unreported foreign income. The current version is the 2012 Offshore Voluntary Disclosure Initiative (“OVDI”) under which U.S. persons may face criminal prosecution/penalties unless they are admitted to the program.
Cohen & Grigsby has professionals who have led clients through the process and gained valuable experience in navigating the various paths through OVDI/OVDP.
Our professionals will analyze which option is best for you:
- Full OVDI/OVDP disclosure
- Streamlined Disclosure
- Opt out of OVDI
- Reduced Disclosure Options
The IRS will likely soon make modifications to its offshore voluntary disclosure program. Learn More.