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ICYMI: BGD attorney discusses disclosing offshore accounts in Business First of Louisville
Posted in Tax and Finance

Have you read the latest Legal Forum Column in Business First of Louisville? Bingham Greenebaum Doll LLP attorney discussed the options available to individuals who may want to disclose an offshore account through the Offshore Voluntary Disclosure Program (OVDP). 

Read below to get caught up on this month’s column, and don’t forget to catch our monthly Legal Forum in your copy of Business First of Louisville!  

TOPIC
Why should I disclose an offshore account, and what are my options for doing so?

ADVICE
The Internal Revenue Service continues to seek out and impose penalties on U.S. taxpayers who have unreported financial accounts and assets located offshore. The Offshore Voluntary Disclosure Program (OVDP) allows taxpayers to come forward and disclose foreign assets to the IRS. The program offers tax saving opportunities to encourage taxpayers to disclose their foreign accounts now, rather than risk detection by the IRS, assessments of exorbitant nondisclosure penalties and possible criminal prosecution. 

Keep in mind that participating in the OVDP may or may not be the right choice for you. There are other disclosure options available, including amending prior tax returns or filing delinquent returns to comply with foreign reporting requirements. You can also simply file a Reports of Foreign Bank and Financial Accounts on a prospective basis without amending prior returns. Keep in mind that those who have already enrolled in the OVDP can consider opting out of the program at a later time if there is a better solution which fits that particular taxpayer’s unique circumstances. Attorney suggests contacting your state and local tax attorney prior to enrolling to determine what option will work best for you.

A list of frequently asked questions (and answers) about the Offshore Voluntary Disclosure Program can be found on the IRS website or by clicking here.

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