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OVDI CPA comments on the IRS closing a Loophole | 2012 OVDI news

Even OVDI CPAs are amazed at its success: $5 Billion of tax and penalties derived from 34,500 applications. This probably doesn’t include the other taxpayers who opted out.

But, like any IRS program, OVDI (Offshore Voluntary Disclosure Incentive )changes as folks find ways to avoid compliance. While the IRS states it’s becoming harder to hide offshore assets, the underlying FATCA program (Foreign Account Tax Compliance Act ), that requires foreign banks to disclose information, has problems. One such problem is taxpayers appealing to foreign courts to block disclosure. In 2012, these folks have to report such an appeal to the US Department of Justice. If they don’t report, they become ineligible for future OVDI consideration. So, the bet has changed:

  • From attempting to block foreign bank disclosure and then using OVDI if that doesn’t work.
  • To hoping the foreign appeal works and the Department of Justice doesn’t find out about it.

I’m an OVDI CPA with a virtual office to serve expat clients.  For a free phone consult, please call (910) 399-2705.


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