In This Section

IRS Offshore Voluntary Disclosure Program For Offshore Accounts And Foreign Assets

Save yourself from jail! Put your freedom first! If you are a taxpayer with undisclosed foreign bank accounts, offshore bank accounts or foreign assets, you must take advantage of the Internal Revenue Services' current Offshore Voluntary Disclosure Program before it's too late. This may be your last opportunity to get compliant and resolve your IRS tax liability before the IRS comes after you.

Get help resolving the tax issues surrounding your undisclosed offshore accounts and assets from an experienced tax attorney at Bucci Law Offices with locations in Fort Lauderdale and Miami! You must act quickly while the IRS is offering amnesty for disclosures on foreign accounts and assets.

With each passing day, there is a greater likelihood that the IRS will detect your undisclosed offshore accounts or assets, especially given the wealth of new foreign account information released to the IRS, the increased cooperation of foreign governments and financial institutions, and the expansion of the IRS's resources to enforce compliance. How your undisclosed offshore bank account or assets are exposed will determine the way in which your case is handled.

You can come clean now, or risk waiting and face the threat of criminal charges, as well as massive penalties that may wipe out your accounts or assets completely. In other words, you have a lot to lose if you do not come forward.

About The Offshore Voluntary Disclosure Program (OVDP)

The Offshore Voluntary Disclosure Program may be the last opportunity for taxpayers to resolve unreported foreign income issues, without fear of criminal prosecution. More than ever, foreign banks are cooperating with the IRS and disclosing information about American taxpayers. Originally enacted in 2010, the Foreign Account Tax Compliance Act (FATCA) targets noncompliance by U.S. taxpayers using foreign accounts. FATCA treaties are being negotiated and entered into by more and more foreign governments, it is very likely that if your offshore account has not yet been exposed, that it will be uncovered in the very near future. Over 50 countries have signed FATCA or Intergovernmental Agreements (IGAs) to share information with the U.S.

You have very few options available to you. It is no longer a matter of if the IRS will discover your foreign accounts, but when will the IRS go after your offshore bank accounts. Don't let your foreign bank make the disclosure before you do. July 1, 2014, was the deadline for disclosure by Foreign Financial Institutions. The IRS will take into consideration whether or not you came forward to make a voluntary disclosure, when assessing penalties. If you fail to come forward during the duration of this program and the IRS commences an investigation against you, you will no longer be able to enter into the Offshore Voluntary Disclosure Program. At such point you would likely face both severe penalties and criminal prosecution, which could result in serving time in federal prison.

Penalties For Failure To Disclose

Failing to disclose your foreign bank or other financial accounts is a crime punishable by prison and the imposition of harsh penalties, so it is in your best interest to voluntarily report your offshore accounts to the IRS before they are discovered. Keep in mind, that to the IRS it is just a matter of time. For you, the stakes are much higher. The IRS, with the cooperation of foreign banks, has increasingly conducted more international and offshore tax audits to actively seek out the identity of those taxpayers with unreported foreign accounts or assets. This has never been more relevant, as this information is becoming easily available under foreign tax treaties. Take control of your finances before someone else makes the choice for you.

How Can Bucci Law Offices Help You With Your Undisclosed Foreign Accounts And Assets?

Tax evasion is a serious crime, punishable by jail as well as both civil and criminal penalties. At Bucci Law Offices, our experienced tax lawyers can help fight for your freedom, as well as help you analyze and assess suitable options for disclosing your offshore accounts and foreign assets. Contact Bucci Law Offices, or call 305-340-2275 in Miami, 954-900-9107 in Fort Lauderdale, or toll free at 800-743-4263. We handle cases worldwide. Call us today to schedule a consultation.