The IRS created the 2011 Offshore Voluntary Disclosure Initiative (OVDI) to allow taxpayer applicants with previously undisclosed offshore accounts and assets to disclose these assets by August 31, 2011, and pay overdue taxes along with a set penalty. Through participation in the OVDI program, fully qualified taxpayers may avoid criminal prosecution for failure to disclose offshore accounts. Furthermore, in some cases, OVDI penalties are lower than other applicable IRS penalties.
To apply for the OVDI program, the taxpayer must file OVDI letters and tax documents with the IRS and pass a pre-clearance screening process before submitting their full disclosure. More information on the program is available from the IRS at http://www.irs.gov/compliance/enforcement/article/0,,id=205909,00.html.
Please contact Mr. Stickney at (954) 767-8908 if you are interested in discussing your potential participation in the OVDI program. More contact information is available under the “Contact Us” page.