Explore the OVDI opt-out option: Argue for Penalty Mitigation

- By : Parag Patel

The revised IRS OVDP FAQs offer helpful guidance on the opt-out option. The newly revised FAQs illustrate the pros and cons of opting out with six examples. See FAQ 51….

New Report: Delinquent Taxpayers Could be Identified at US Border Crossings

- By : Parag Patel

…Streamline Procedures (non-resident SFOP and domestic SDOP). For those taxpayers who do not meet the eligibility requirements of the Streamline Procedures there is the offshore voluntary disclosure program (OVDP 2014)….

OVDI: Requesting issuance of a FBAR warning letter instead of penalties

- By : Parag Patel

…unexpected (and the worst) in their tax treatment and disclosure of offshore assets. Taxpayers, who have not done so already, should explore the OVDP program to avoid criminal prosecutions and…

Checklist of tax forms for taxpayers with foreign assets

- By : Parag Patel

…of offshore assets. Taxpayers should explore the OVDP program to avoid criminal prosecutions and civil audit examinations. Patel Law Offices is a law firm dedicated to helping clients resolve complicated…

New IRS Form 8938 Statement of Foreign Financial Assets is causing significant confusion

- By : Parag Patel

…be reported on Form 8938 that are not required to be reported on Form 90-22.1. Form 8938 May Force Taxpayers to Enter the Offshore Voluntary Disclosure Program (OVDP) This ability…

Opting-out or Opting-in of OVDI

- By : Parag Patel

…Out and Removal Guide for the 2009 OVDP and 2011 OVDI where the procedures for opting out are set forth. The revised FAQs offer helpful guidance on the opt-out option….

For the First Time IRS Issues Information on 2011 Offshore Voluntary Disclosure Initiative (OVDI) in Hindi Language

- By : Parag Patel

…िजसे 2011 ओफशोर वॉलंटरी िडसक्लोजर इिनशेिटव (OVDI) नाम िदया गया है – में 2009 ओफशोर वॉलंटरी िडसक्लोजर ूोमाम (OVDP) की तुलना में कई बदलाव शािमल िकये गये हैं। 2011 के…

A solution in a tough tax season: the IRS Streamlined Offshore Procedures

- By : Parag Patel

…the OVDP program and Delinquent FBAR Submission Procedures and Delinquent International Information Return Submission Procedures. The analysis to enter the one program versus other alternative options is complex and requires…

Another Customer with Unreported Offshore Bank Accounts Pleads Guilty

- By : Parag Patel

…decide to keep their foreign assets concealed and of those who advise and assist them serve as clear warnings to anyone who doubts the U.S. government’s resolve.” A timely OVDP

IRS Releases FAQs for the Delinquent International Information Return Submission Procedures

- By : Parag Patel

…for the delinquency. Taxpayers who have unreported income or unpaid tax are not precluded from filing delinquent international information returns. (emphasis added) Unlike the procedures described in OVDP FAQ 18,…

Details of the Streamlined Foreign Offshore Procedures (SFOP)

- By : Parag Patel

…ways to address past noncompliance remain viable, including the OVDP program and Delinquent FBAR Submission Procedures and Delinquent International Information Return Submission Procedures. The analysis to enter the one program…