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Opting Out of the Offshore Voluntary Compliance Initiative Programs

This post was written by Parag Patel, Attorney on February 21, 2013
Posted Under: Asset Protection Against Risks,Defending and Planning Against Taxes

As with other IRS’ 2009 and 2011 offshore voluntary compliance initiatives, the 2012 program gives no discretion to the IRS agents to reduce penalties. If a participant does not believe that he or she should have to pay the 27½% penalty, their only choice is to “opt out” of the program, in which case the IRS will evaluate the file for a potential audit and imposition of appropriate penalties.

The 2012 OVDP program continues the procedures announced in 2011 regarding decisions to “opt out” of the voluntary disclosure penalty structure. In such a case, IRS agents are instructed to neither punish nor reward persons who choose to opt out. Once an opt out decision, which is irrevocable, is made, the taxpayer’s representative and the IRS agent responsible for the examination each prepare written submissions regarding a proposed penalty resolution. These submissions are reviewed by a committee of senior IRS personnel, who then decide on the nature and extent of any ensuing examination.

Our law firm has had several successful opt outs for clients.

Patel Law Offices has consulted with hundreds of clients regarding offshore voluntary compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts.

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