Call Our National Offices
(516) 938-5007 
(516) 935-7346

International Tax 

FBAR & OVDI


ATTENTION:

Some foreign countries that do not have intergovernmental agreements to uphold FACTA are still treated as if they do.

Read the Latest Update from the IRS here.

What are OVDP and ovdi? 

Offshore Voluntary Disclosure Program

&

Offshore Voluntary Disclosure Initiative 


  • Both have the same objective: to bring taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with US tax laws. 
  • OVDP was a 2009 IRS program for taxpayers with previously unreported income from offshore transactions. 
  • OVDI was launched in 2011 to give more taxpayers with offshore accounts a similar opportunity to come forward. 
  • OVDP had demonstrated the value of a uniform penalty structure for taxpayers who voluntarily came forward to report their previously undisclosed foreign accounts and assets. 
  • Both programs gave consistency and predictability to taxpayers to help them determine the amount of tax and penalties they faced. 
  • The initiative also helped the IRS centralize the civil processing of offshore voluntary disclosures.


         READ MORE


FOREIGN BANK ACCOUNT REPORTING 

The IRS is assessing huge penalties for undisclosed foreign bank accounts, assets, and income. 


What is an FBAR? 


Now called FinCEN form 114, an FBAR is a non-USA bank account report

  • All US persons(individuals and various business forms) with financial interest or significant authority over a financial account in a foreign country must file an FBAR 
  • An FBAR must be filed electronically 
  • It is a separate form from your standard tax return. 
  • You must file an FBAR even if the foreign account does not produce any taxable income. 
  • An IRS extension for filing your income tax return does not apply to FBAR filing.
  • Late filing can incur severe penalties. 

​​

           READ MORE


Foreign Account Tax Compliance ACT


The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.

  • FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts. 

  • FATCA focuses on reporting: 

  • By U.S. taxpayers about certain foreign financial accounts and offshore assets 

  • By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest.​


  • Enforcement of FATCA has been on the rising and non-compliant individuals and businesses are at risk of paying huge penalties. Two particular components of FATCA have been causing American taxpayers trouble lately:


    Foreign Bank Account Reporting and Offshore Voluntary Disclosure Initiative. 


    OUR international tax division 

    Are you looking for IRS FBAR Amnesty?

    We are here to help. 


        Our International Taxation Division is headed by a Certified Public Accountant(CPA) with a Masters in taxation. He worked with the IRS for 35 years as an IRS International Examiner, an IRS International Team Manager, and an IRS Appeals Officer.

        

        Let our FATCA, FBAR and OVDI experts and consultants help you and your business today.


       Our office can unlock the tax codes to help your business maximize the money it keeps and steer clear of the traps set by the IRS to audit and penalize multinational companies with operations and assets in the USA.

       If your situation is more complex we also have the experience to provide expert witness testimony for international tax issues.