The IRS has simplified the process of entering the OVDP Program by issuing the following…
IRS Announces new OVDP Declines-Withdrawals Campaign
Earlier this month, the IRS’ Large Business and International division released its list of 13 focus areas for issue- based examinations and concerns for compliance. One of those areas involves the IRS Offshore Voluntary Disclosure Program. Entitled, “OVDP Declines-Withdrawals Campaign,” this area of focus involves taxpayers who have applied for the offshore voluntary disclosure program through the pre-clearance process, but were either denied access to the program or withdrew from the program.
What happens next? “The IRS will address continued noncompliance through a variety of treatment streams including examination.” Examining those taxpayers who could not enter the program, because they are under civil audit, criminal investigation, or the IRS is otherwise aware of the account(s) at issue in the disclosure, is expected. Further, those who violated the law intentionally might expect a criminal tax investigation or possible referral for prosecution, depending on the circumstances and reasons for denial into the program.
We have seen more audits and FBAR inquiries associated with taxpayers who have not come forward. Taxpayers should know whether they have Federal tax return issues, or anticipated issues, reflected in any of the above-listed OVDP Declines-Withdrawals Campaign. Such taxpayers should get legal counsel immediately before its too late.
Patel Law Offices offers a strategy session to discuss how to resolve your legal problem. Conveniently schedule online today with our online scheduler and questionnaire.
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