OVDP – Hone Maxwell LLP

Posted January 31, 2015

IRS Targets Offshore Accounts and Income in Dirty Dozen Tax Scams for 2015

The Internal Revenue Service (IRS) continues to remind taxpayers of the danger of hiding money or assets in unreported offshore accounts. The IRS has been very focused on this issue now for over [...]

IRS Increases Offshore ‘Amnesty’ Penalty From 27.5% To 50% for Certain Taxpayers Effective August 4, 2014

As discussed in our post on June 24, 2014, the IRS has announced important changes to its offshore voluntary account programs. These changes were announces as FATCA took hold worldwide on July 1, [...]

Tax News: Major Changes to Offshore Voluntary Disclosure Program (OVDP) – the Good, the Bad, and the Uncertain

Amid heavy pressure from tax professionals and taxpayers alike, the IRS has finally made changes to the Offshore Voluntary Disclosure Program (OVDP). The pressure to change the program came from [...]