Offshore Voluntary Disclosure

Offshore voluntary disclosure is a program that allows taxpayers with undisclosed foreign income or assets to come forward and resolve their tax obligations with the IRS before facing potential legal action. This program is designed for individuals who have not reported foreign bank accounts, investments, or other assets, and are seeking to correct their tax filings while mitigating penalties. By voluntarily disclosing their offshore accounts, taxpayers can avoid severe penalties and potential criminal charges, provided they comply with the program’s requirements. The process typically involves filing amended tax returns, disclosing the full extent of foreign assets, and paying any back taxes and interest owed. Engaging in offshore voluntary disclosure demonstrates good faith and a commitment to compliance and can offer significant relief compared to waiting for an IRS audit or investigation.

As a network of tax professionals, we are here to assist you through the complexities of offshore voluntary disclosure and ensure that you navigate the process with confidence. Our first step is to conduct a comprehensive review of your foreign financial holdings and past tax returns to determine the full scope of your undisclosed assets and income. Our teams will then help you gather the necessary documentation to support your disclosure and prepare accurate amended tax returns. Our expertise ensures that all required forms and disclosures are completed correctly, minimizing the risk of errors that could lead to additional penalties or complications.

Once your disclosures are prepared, our teams handle all communication with the IRS, managing the submission of your documentation and addressing any inquiries that arise. They will also work to negotiate the terms of any penalties or interest to ensure the most favorable resolution. Throughout the process, you will be provided with clear guidance and updates, helping you understand each step and its implications. The goal is to resolve your offshore tax issues efficiently, allowing you to achieve compliance and peace of mind while avoiding severe consequences associated with non-disclosure.