On account of US federal budget shortfalls, the IRS is zeroing in on individuals with offshore bank accounts. The IRS is strengthening its compliance measures to ensure such individuals comply with US tax regulations. The international tax experts at LSL CPAs have the experience and expertise to ensure that your offshore bank accounts and investments are in compliance with US tax regulations across the board.
The Offshore Voluntary Disclosure Initiative offers an opening to disclose and deal with offshore accounts and investments. Still, it also contains harsh penalties for people who fail to take advantage of this opportunity. The Offshore Voluntary Disclosure Initiative, or OVDI, is an effort by the federal government to collect unpaid taxes and guarantee that individuals with offshore accounts comply with federal tax laws and regulations. The first round of OVDI occurred in 2009, with the second and third rounds in 2011 and 2012.
What is essential to know is that the IRS collected over $4 billion in unpaid taxes due to the first two rounds of OVDI. In addition, the Offshore Voluntary Disclosure Initiative helped to expose over 30,000 offshore accounts. By starting fresh with a new accounting firm and setting yourself on firm ground, you can avoid many difficulties while taking advantage of the program.
Voluntary disclosure of offshore accounts is a smart choice for anyone living or doing business in the United States. What is truly disturbing is that even failing to file a tax return can result in up to one year in jail and a fine of approximately $100,000. You also need to know that the statute of limitations for criminal tax evasion is six years; there is no statute for civil tax evasion. You must never forget that having bank accounts anywhere worldwide is perfectly legal as long as all information is fully disclosed. The United States promotes international business and investment if the financial rules and IRS regulations are followed.
LSL CPAs have the knowledge and experience to guide you through the OVDI when it comes to managing foreign banks and putting you in compliance with IRS regulations. If you have legal issues involving OVDI, you must hire a lawyer. LSL CPAs can make sure that suck problems never arise or never arise again by past accounting mistakes not being repeated.
How to Make an Offshore Voluntary Disclosure according to the IRS site
