Read the great article below from Forbes in you are not certain whether to enter the IRS Streamlined
program or the Offshore Voluntary Disclosure Program (OVDP). Due to the new rules in the Streamlined program many can now enter that program which has significantly lower monetary penalties and much less paperwork.
Link to Forbes Article: http://www.forbes.com/sites/irswatch/2014/07/07/irs-ovdp-vs-streamlined-what-to-do/
The disadvantage of the Streamlined Program is that it does not protect you from criminal prosecution and if you are rejected, your entire situation may be sent to the audit department and regular penalties may then be imposed which can be very high.
We have advised or represented in excess of a hundred clients in connection with the Streamlined program or the Offshore Voluntary Disclosure Program. We can advise you which program is best for you after you read the article above.
Link to Forbes Article: http://www.forbes.com/sites/irswatch/2014/07/07/irs-ovdp-vs-streamlined-what-to-do/
The disadvantage of the Streamlined Program is that it does not protect you from criminal prosecution and if you are rejected, your entire situation may be sent to the audit department and regular penalties may then be imposed which can be very high.
We have advised or represented in excess of a hundred clients in connection with the Streamlined program or the Offshore Voluntary Disclosure Program. We can advise you which program is best for you after you read the article above.
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