{"id":958,"date":"2013-09-12T12:50:47","date_gmt":"2013-09-12T17:50:47","guid":{"rendered":"http:\/\/www.patellawoffices.com\/blog\/?p=958"},"modified":"2013-09-12T12:50:47","modified_gmt":"2013-09-12T17:50:47","slug":"offshore-voluntary-disclosure-initiativeprogram-ovdiovdp-opt-out-results-and-updates","status":"publish","type":"post","link":"https:\/\/patellawoffices.com\/blog\/planning-for-tax-minimization\/offshore-voluntary-disclosure-initiativeprogram-ovdiovdp-opt-out-results-and-updates\/","title":{"rendered":"Offshore Voluntary Disclosure Initiative\/Program (OVDI\/OVDP) opt-out results and updates"},"content":{"rendered":"<p><span style=\"font-size: 13px; line-height: 19px;\">Many of our clients are carefully considering OVDI opt-outs.<\/span><\/p>\n<p>The opt out option became first available during the 2011 OVDI program, and continues with the current OVDP program. The 2012\u00a0<a title=\"OVDP\" href=\"http:\/\/www.patellawoffices.com\/blog\/protecting-your-assets\/analysis-of-the-new-2012-offshore-voluntary-disclosure-program-ovdp\/\" target=\"_blank\">OVDP<\/a>\u00a0program continues the procedures announced in 2011 regarding decisions to \u201c<a title=\"opt out\" href=\"http:\/\/www.patellawoffices.com\/blog\/protecting-your-assets\/opt-out-guidance-for-the-2011-ovdi\/\" target=\"_blank\">opt out<\/a>\u201d of the\u00a0<a title=\"voluntary disclosure\" href=\"http:\/\/www.patellawoffices.com\/blog\/tag\/voluntary-disclosure\/\" target=\"_blank\">voluntary disclosure<\/a>\u00a0penalty structure. In such a case, IRS agents are instructed to neither punish nor reward persons who choose to<a title=\"opt out\" href=\"http:\/\/www.patellawoffices.com\/blog\/protecting-your-assets\/opt-out-guidance-for-the-2011-ovdi\/\">opt out<\/a>. Once an\u00a0<a title=\"opt out\" href=\"http:\/\/www.patellawoffices.com\/blog\/protecting-your-assets\/opt-out-guidance-for-the-2011-ovdi\/\" target=\"_blank\">opt out<\/a>\u00a0decision, which is irrevocable, is made, the taxpayer\u2019s representative and the IRS agent responsible for the examination each prepare written submissions regarding a proposed penalty resolution. These submissions are reviewed by a committee of senior IRS personnel, who then decide on the nature and extent of any ensuing examination.<\/p>\n<p>What are the results of OVDI\/OVDP opt-outs?<\/p>\n<p>Our own office\u2019s opt-outs have ALL been successful so far (meaning that the final penalty has been substantially reduced from the OVDI 25%\/27.5% penalty).<\/p>\n<p>Most other tax attorneys have had few OVDP opt-out results, but from what we\u2019ve heard from our colleagues that this is true for them as well (meaning successful results).\u00a0 So at this point, all we can say yes, there have been opt-out successes.<\/p>\n<p>What you want to know: should you opt-out or not?<\/p>\n<p>There is no right answer. This is an area requiring very careful analysis of all risk factors. While a careful analysis is required to ascertain whether an optout is advantageous, our law office has represented numerous taxpayers with optouts with successful results.<\/p>\n<p>Patel Law Offices has consulted with dozens of clients regarding\u00a0<a title=\"opt out\" href=\"http:\/\/www.patellawoffices.com\/blog\/protecting-your-assets\/opt-out-guidance-for-the-2011-ovdi\/\" target=\"_blank\">opt out<\/a>\u00a0decisions of their\u00a0<a title=\"OVDI\" href=\"http:\/\/www.patellawoffices.com\/blog\/tag\/ovdi\/\">OVDI<\/a>\u00a0applications. 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.<\/p>\n<p>For more info see: <a href=\"http:\/\/www.patellawoffices.com\/blog\/protecting-your-assets\/reasons-to-opt-out-of-the-2011-ovdi-program\/\">Reasons to Opt Out of the 2011 OVDI Program<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many of our clients are carefully considering OVDI opt-outs. The opt out option became first available during the 2011 OVDI program, and continues with the current OVDP program. The 2012\u00a0OVDP\u00a0program continues the procedures announced in 2011 regarding decisions to \u201copt out\u201d of the\u00a0voluntary disclosure\u00a0penalty structure. In such a case, IRS agents are instructed to neither [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[23,24,52,54,64,63,68,27],"class_list":["post-958","post","type-post","status-publish","format-standard","hentry","category-planning-for-tax-minimization","tag-fbar","tag-foreign-account","tag-offshore","tag-offshore-accounts","tag-opt-out","tag-ovdi","tag-ovdp","tag-voluntary-disclosure"],"_links":{"self":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/comments?post=958"}],"version-history":[{"count":0,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/958\/revisions"}],"wp:attachment":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/media?parent=958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/categories?post=958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/tags?post=958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}