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If you are a U.S. citizen residing or doing business in a foreign country, you are obligated to report your income to the IRS, as well as to stay in compliance with the foreign country’s tax laws. Failure to do so can result in hefty fines, seizure of assets, and in extreme cases, jail time. The offshore voluntary disclosure program was invented to encourage business owners and operators who have fallen behind in reporting their income to do so without incurring any penalties. Protect your assets by taking advantage of the offshore voluntary disclosure programs.
It’s the Law
The Offshore Voluntary Disclosure Program was designed for people who intentionally didn’t report their offshore income; it operates as a kind of tax amnesty. To avoid penalties or a criminal conviction, the Offshore Voluntary Disclosure Program allows people to get back in good graces with the IRS by filing or amending up to eight years of taxes or FBARS, as well as by receiving the opportunity to pay back taxes, interest, and penalties owed.
Avoid Hefty Fines
While late filers may be charged a penalty, the Offshore Voluntary Disclosure Program allows people with foreign investments and offshore assets to avoid any criminal prosecution. Fines may also be lessened or levied for people who apply to the Offshore Voluntary Disclosure Program.
You’re eligible for the Offshore Voluntary Disclosure Program if you meet all three of the following criteria:
- You invested legal source funds in the undisclosed assets – that is, funds derived from legal rather than illegal activities
- You are not under any type of civil or criminal investigation by the IRS
- You have not made a submission pursuant to a streamlined procedure
Secure Your Future
Failing to report your foreign assets and offshore income is a serious offence, and it could lead to severe financial and personal consequences. If you want to ensure that your future is bright, free, and prosperous, you’ll want to file all your tax returns, regardless of how overdue they are.
Keep Your Business Your Business
You work hard for your money, and you want to minimize any chance of the IRS digging too deep into your pockets by staying in full compliance with domestic and international tax laws. The government already monitors so much of our private business, and you deserve the right to your privacy. Don’t give the IRS any reasons to come investigating you or your business or investments. If you’re eligible, the Offshore Voluntary Disclosure Program may provide just the right solution for you.
There’s Help If You Need It
Sifting through years of tax returns and accounting statements can be a hassle, especially if you’ve allowed things to pile up or have had trouble keeping up with your bookkeeping. Tax reporting forms can also be stressful and difficult to understand. But don’t worry: there are experts who can help you. If you’re not sure you’re complying with international tax laws, or if you are interested in applying to the Offshore Voluntary Disclosure Program, talk to a professional international tax consultant for the best advice and guidance on what’s right for you.
Any criminal investigation or conviction of a CEO or business owner for tax incompliance could have serious ramifications on the future success of that business. Avoid any legal trouble by taking advantage of the Offshore Voluntary Disclosure Program.
Stay Out of Jail
The Offshore Voluntary Disclosure Program will help you continue to run a successful business and invest your money in offshore accounts by helping you stay out of jail. The IRS is notoriously hard on white collar criminals, so it’s important to stay free of charges or convictions—unless you want to be sharing a cell with a guy named “Tiny.” Even if you haven’t engaged in any intentionally criminal activities, failing to report your offshore assets can be a criminally prosecutable offence.
99 Problems but the IRS ain’t one
No one wants the IRS breathing down their necks or investigating their financial and business affairs, even when there’s nothing to hide. Because the Offshore Voluntary Disclosure Program is designed for people who didn’t file their taxes intentionally, taking advantage of this lenient program will help bring you peace of mind. Keep the IRS at bay by staying in full compliance with international and US tax laws and asset reporting.
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