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Glen E. Frost

Attorney at Law *
Certified Public Accountant **
Master of Laws in Taxation

10480 Little Patuxent Pkwy, Ste. 400
Columbia, MD 21044
Every Tax Problem has a Solution
Phone:  (410) 497-5947

Fax:      (888) 235-8405
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2012 Offshore Voluntary Disclosure Initiative (OVDI) -- To Opt-Out or Opt-In to the Program?

01/25/12

Permalink 06:58:26 pm, by admin Email , 112 words   English (US) latin1
Categories: News

2012 Offshore Voluntary Disclosure Initiative (OVDI) -- To Opt-Out or Opt-In to the Program?

Link: http://www.bloomberg.com/news/2012-01-18/irs-easy-on-criminal-tax-evaders-watchdog.html

Attached is a very interesting article from Bloomberg, which discussed the recent OVDI programs for FBAR compliance.  Nina Olson, National Taxpayer Advocate, discusses how the program is highly beneficial to those who were intending to hide assets overseas.  However, the program is looked at by many as punitive to those who only negligently failed to file FBAR Forms and report the underlying taxable income.

 

The good news is taxpayers still have options to get into compliance with their reporting obligations.  Whether or not they take advantage of the program depends on the facts of each individual case.  The recent programs, have brought a signigicant amount of revenue into the goverment coffers.

* Licensed to practice in Maryland, Florida, and the District of Columbia. May represent taxpayers nationwide in IRS disputes.
** Licensed in Maryland

10480 Little Patuxent Pkwy, Ste. 400
Columbia, MD 21044
(410) 497-5947
© 2011 Glen E. Frost