2012 OVPD – Calculating the Offshore Penality

Penalty Computation Worksheet When determining the highest amount in each undisclosed foreign account for each year or the highest asset balance of all undisclosed foreign entities for each year, what exchange rate should be used? Convert foreign currency by using the foreign currency exchange rate at the end of the year regardless of when during […]

2012 Offshore Voluntary Disclosure Program

2012 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers Forms TD F 90-22.1, Report of Foreign Bank and Financial Accounts Form 433A, Collection Information Statement for Wage Earners and Self-Employed Individuals Form 433B, Collection Information Statement for Businesses Form 872, Consent to Extend the Time to Assess Tax Power of Attorney Form for the […]

2011 OVDI letter – How to make a Voluntary Disclosure?

The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is offered to those taxpayers with offshore accounts or assets. Please follow the new process outlined below. Pre-Clearance: Taxpayers or representatives may fax to the IRS Criminal Investigation Lead Development Center. IRS Criminal Investigation will then notify taxpayers or their representatives via fax whether or not they have […]