Tax Law Center Blog

Over the past several years our law firm has counseled hundreds of non-compliant U.S. taxpayers in the exploration of their legal options with respect to the Offshore Voluntary Disclosure Initiative programs.  As a result, we have succinctly summarized some of the benefits of entering and consequences of failing to enter the Offshore Voluntary Disclosure Initiative program.

Consequences Of Not Entering Offshore Voluntary Disclosure Program

1. Cannot repatriate foreign funds
2. Inability to transfer foreign assets in case of hardship or death
3. Complications from issues on future Estate Tax Return Form 706
4. Likely Involuntary Discovery as a result of FATCA and Mutual Information Sharing Treaties
5. Criminal Prosecution
6. Lengthy comprehensive audit examination of tax returns
7. 1-5 years’ jail sentence (based on magnitude of un-reporting) in Federal prison
8. Extremely high civil tax and FBAR penalties
9. Loss of professional licenses
10. Immigration consequences such possible deportation or failure to re-enter U.S.
11. Time lost away from family and business
12. Social ostracism and/or embarrassment of family
13. Unhealthy stress
14. Inability to restfully sleep at night

Benefits of Entering Offshore Voluntary Disclosure Program

1. Ease of repatriation of foreign funds
2. Ease of transfer of foreign assets in case of hardship or death
3. Elimination of issues on future Estate Tax Return Form 706
4. Avoidance of Involuntary Discovery as a result of FATCA and Mutual Information Sharing Treaties
5. Avoidance of lengthy comprehensive audit examination of tax returns
6. No stress
7. Definitive ability to restfully sleep at night

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.  We welcome the opportunity to meet with you to explore your legal options.