Answering Your Top IRS Offshore Voluntary Disclosure Questions

Caught in the crosshairs of the IRS’ Offshore Voluntary Disclosure Program? These answers will help you figure out what to do next!

Whether you’re in the crosshairs of the IRS Offshore Voluntary Disclosure Program or you think you could be soon, you need to pay careful attention to the answers to these 3 questions. If you don’t, you could end up with a big problem on your hands!

1. “Do I need a lawyer?”
In fact, if you don’t already have an Orange County tax lawyer who knows the ins and outs of this program, you’ve got to find one pronto!
The Offshore Voluntary Disclosure Program is a little bit different from everything else the IRS does. There are unique rules, unique forms, and unique deadline that all make this program complicated. If you don’t have an Orange County tax lawyer who’s skilled enough to point you in the right direction, you could end up facing major penalties and even jail time!
And, remember, you don’t have to wait until you’re in trouble to get a lawyer. Just because you haven’t raised any red flags with the IRS yet doesn’t mean you’re doing everything by the book. Talk to a lawyer now, so that you won’t be sorry later!

2. “Can I really be punished for something that happened a few years ago?”
The point of the IRS Offshore Voluntary Disclosure Program is to go after people who have been ignoring the rules and failing to report the money in their offshore bank accounts. So, they’re not just focused on who’s breaking the law right now. Instead, they’re looking for anyone and everyone who has taken advantage of the system — even if it was a few years ago.
If you want to be totally safe, hang on to all of your tax-related documents for the past eight years. That’s how far back IRS investigators are allowed to go under this program. If you can’t prove that you did everything right, the IRS isn’t going to take your word for it.

3. “Will the IRS really catch me?”
To prove just how serious the IRS is about the Offshore Voluntary Disclosure Program, it hired thousands of investigators whose sole job is to look for people violating this program.
On top of that, the IRS has teamed up the Department of Justice to fight offshore tax evaders. As you read this, Justice Department officials are putting pressure on foreign banks to hand over information about their American account holders. The last thing you want is for the government to find out about your offshore money from someone else!

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