Due Diligence
Posts Tagged California OVDP lawyer
OVDI – It’s Not Just For Unreported Foreign Accounts
by Brian Mahany Although 99% of the people that contact us about the IRS’ Offshore Voluntary Disclosure Program (called “OVDI” or “OVDP”) have unreported foreign accounts, the program can be used to come into compliance with other foreign reporting problems. The program can be used for people with unreported foreign entities and for people who have [...]
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OVDP Penalties – 27.5%? 12.5%? 5%?
by Brian Mahany Folks not familiar with the current IRS tax amnesty program for unreported offshore accounts are often confused about how much in penalties will be collected if they successfully enter the program. Assuming one qualifies, the program has a three tiered penalty system. Before discussing the penalties, some history of the program is [...]
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