The OVDI is an excellent opportunity that taxpayers with undisclosed offshore accounts should take advantage of. With only two months remaining to enter the 2011 Initiative, taxpayers should contact an experienced tax controversy attorney immediately.
Washington, DC (PRWEB) June 29, 2011
The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is based on the previous disclosure program that ran through October of 2009. The OVDI provides an opportunity for taxpayers with undisclosed offshore accounts to benefit from structured penalties without criminal exposure but only if the taxpayer comes forward before the deadline.
In order to make a complete submission, the general 2011 OVDI terms include: a 25 percent maximum penalty on the taxpayers' undisclosed offshore accounts with the highest aggregate account balance over an eight year period, 2003 through 2010; participants must pay back taxes and interest for up to eight years as well as accuracy related and/or delinquency penalties; and participants must file all original and amended tax returns and include payments for taxes, interest and accuracy related penalties. The deadline to enter a complete submission into the 2011 OVDI is August 31, 2011.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states, “The 2011 OVDI will most probably be the last of its kind in allowing amnesty from criminal exposure and uniform civil penalties for all those who voluntarily disclose their offshore accounts.” Thorn continues, “The OVDI is an excellent opportunity that taxpayers with undisclosed offshore accounts should take advantage of. With only two months remaining to enter a submission under the 2011 Initiative, taxpayers should contact an experienced tax controversy attorney in order to disclose their offshore accounts before the deadline.”
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore bank accounts to “contact a tax controversy attorney immediately in order to assess and possibly minimize their civil and criminal exposure by possibly entering into the current IRS Voluntary Disclosure Program.”
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at http://www.thorntaxlaw.com.
About Thorn Law Group, PLLC
Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC