Taxpayers Should Pay Heed to OVDP and Streamlined Updates in 2014

Continual changes to the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures require attention from taxpayers.

Taxpayers are responsible for staying up to date with important changes made this year to the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures (Streamlined). Some of the changes made may increase penalties for certain submissions filed on or after July 1, 2014 while other changes help increase the reach of Streamlined.

“As the processes and requirements surrounding FATCA, OVDP, and Streamlined continue to evolve, taxpayers will need to stay up to date to ensure they are in compliance,” shares Jeffrey S. Freeman, J.D., LL.M. “Freeman Tax Law helps taxpayers navigate these changes and stay compliant under the current laws.”

The changes made to Streamlined now make it available to qualified U.S. resident taxpayers. It also makes Streamlined available to select taxpayers already in OVDP and offers greater flexibility in applying the Streamlined penalty to existing OVDP matters for those who qualify.

These changes were made by the government in an effort to provide varied penalties especially for those who may not have willfully failed to disclose income to the IRS. Both programs are part of a larger effort on behalf of the U.S. government to collect taxes from hidden offshore accounts and to create greater transparency among foreign banking institutions.

About Freeman Tax Law

Freeman Tax Law (FTL) is a boutique law firm consisting of a multi-disciplinary team of tax professionals including tax attorneys, CPAs and a professional staff that have vast experience with foreign tax compliance and regulatory matters for financial institutions. FTL consults with both FFIs and USFIs with regard to Foreign Account Tax Compliance Act (FATCA) and related regulatory matters and assists them developing procedures on how to comply with these laws. FTL provides a multidisciplinary approach for filing offshore voluntary disclosures. Working to help clients prevent future tax headaches we offer a complete wealth management and estate planning team. As an experienced firm with wide reach, Freeman Tax Law provides immediate assistance to our clients planning for and resolving all tax related challenges.

Freeman Tax Law

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