IRS Voluntary Disclosure Initiative

Resolving Delinquencies in Foreign Investment Reporting

For those with delinquencies in foreign bank account or foreign entity reporting, the Offshore Voluntary Disclosure Program provides a solution. Through this initiative, you have the ability to become current on foreign investment reporting and past due tax payments without the risk of criminal prosecution. As part of the program requirements, the government mandates that you pay all back taxes and interest, provide the previous eight years of income tax returns and pay a miscellaneous penalty fine.

While this program offers relief to a number of individuals, it is important to note that international reporting requirements are complex. Additionally, the IRS recently opened additional disclosure options (including the streamlined filing compliance procedure). These additional disclosure options are much more lenient and less punitive to taxpayers who negligently failed to make proper disclosures. Given all the complexities in the area, it is highly advisable to seek counsel from an experienced tax attorney before proceeding.

An Established International Tax Attorney

At Terrence A. Grady & Associates Co., L.P.A., our lawyers place a strong emphasis on international tax law, foreign investment reporting and IRS compliance. Backed by more than 30 years of legal experience in domestic and international taxation issues, attorney Grady has a full understanding of IRS regulations, tax codes and international reporting requirements. For those who are delinquent in foreign investment reporting, we provide skilled legal guidance throughout the Voluntary Disclosure process to ensure legal compliance.

After helping you become current on past due taxes and international reporting requirements, our law firm can also provide an annual review of your foreign accounts and investments to help you avoid IRS issues in the future.

Contact Our Ohio Lawyers about the Offshore Voluntary Disclosure Program

Our attorneys can help you make use of this beneficial initiative. Contact our Columbus law firm to learn more about your options.