You can still enter the IRS OVDI program until August 31, 2011, though time is short.
But son should not do an OVDI disclosure or pay any penalties as to the account.
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Subject to certain limitations, financial transactions occurring before 2003 are generally irrelevant for those participating in the OVDI.
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Americans abroad who are in the 2011 OVDI program were given no other options for coming into compliance.
Opt Out and Removal Guide for the 2009 OVDP and 2011 OVDI for the procedures for opting out.
Anyone considering an OVDI submission must carefully examine all potential civil penalties and evaluate the risk of criminal prosecution.
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Taxpayers having undisclosed interests in foreign financial accounts have until August 31, 2011 to participate in the 2011 OVDI.
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If the taxpayer has been willful in failing to disclose the account, then an OVDI disclosure may be appropriate.
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Taxpayers having undisclosed interests in foreign financial accounts must consult competent tax professionals before deciding to participate in the 2012 OVDI.
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The IRS is currently offering a limited amnesty program for taxpayers who are not compliant, the 2011 Offshore Voluntary Disclosure Initiative (OVDI).
For 2009 Offshore Volunteer Disclosure Initiative (OVDI) opt-outs, the IRS took approximately 550 days to close the case after the opt-out election.
The fact that these notices are being issued is proof of the poor planning and execution of the OVDI and OVDP programs.
Taxpayers who wish to participate in the Offshore Voluntary Disclosure Initiative (OVDI) for foreign accounts have until Friday, September 9, 2011, to submit their paperwork.
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Under the OVDI, taxpayers are subject to a penalty equal to 25 percent of the highest aggregate account balance on their undisclosed account(s) between 2003 and 2010.
For 2010 OVDI opt-outs, the IRS took approximately 176 days.
The OVDI program is voluntary, which means that is not available once the IRS has contacted the account holder about the delinquency, or begun an investigation concerning the delinquency.
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For individuals that qualify, the IRS will apply a special 5 percent penalty for failing to report the foreign financial accounts if the individuals make a voluntary disclosure under the OVDI.
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Under the 2011 OVDI, taxpayers will not be required to pay a penalty greater than what they would otherwise be liable for under the maximum penalties imposed under existing statutes (FAQ 50).
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On top of the FBAR penalties, participants in the OVDI are required to pay taxes and interest on any monies (such as interest income on foreign accounts) they previously failed to report.
Under this new 2011 Offshore Voluntary Disclosure Initiative (OVDI) , taxpayers can be more or less guaranteed they will not be prosecuted and they get correct their tax and foreign account transgressions.
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Under the OVDI, eligible taxpayers have until August 31, 2011 to file all original and amended tax returns and include payment (or good faith arrangements to pay) for taxes, interest and accuracy-related penalties.
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Although the 2012 OVDI penalty regime may seem overly harsh for many, the decision to participate should include an economic analysis of the taxpayers projected future earning power that could be generated from the funds held offshore.
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Although the 2011 OVDI penalty regime may be overly harsh for many participants, the decision to participate should include an economic analysis of the taxpayers projected future earning power that could be generated from the funds held offshore.
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Foreign account information is flowing into the IRS under tax treaties, through submissions by whistleblowers, from others who participated in the OVDP and those who will participate in the OVDI who are required to identify their bankers and advisors.
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On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI) following on the success of the 2009 Offshore Voluntary Disclosure Program (OVDP), which was announced many years after the 2003 Offshore Voluntary Compliance Initiative (OVCI) and the 2003 Offshore Credit Card Program (OCCP).
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Taxpayers who reported and paid tax on all their taxable income but did not file FBARs, should not participate in the OVDI but should merely file the delinquent FBARs with the Department of Treasury, Post Office Box 32621, Detroit, MI 48232-0621 (and attach a statement explaining why the reports are filed late).
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