Revenue from the Offshore Voluntary Disclosure Initiatives (OVDI), FBAR, and FATCA

Originally posted on Wealth & Risk Management Blog:
Disclosures and Amount Recovered Thus Far by OVDI from Non-Compliant Taxpayers  On June 18, 2014, IRS Commissioner John Koskinen disclosed that the 2009, 2011, and ongoing 2012 OVDIs have generated more than 45,000 disclosures and the collection of about $6.5 billion in taxes, interest and penalties.  Thus,…

Update on OVDP and OVDI issues

On January 9, 2012 the IRS reopened the Offshore Voluntary Disclosure Program “OVDP”. You should exercise caution when considering whether to enter OVDP. During the last year I have written a number of posts about OVDI and OVDP. Here are some selected updates. #americansabroad can't use streamlined process to become compliant. Does the IRS really […]

To OVDI or not OVDI: The “In lieu of other penalties” consideration

On January 9, 2012 the IRS reopened the Offshore Voluntary Disclosure Program “OVDI”. People should enter OVDI only after an objective discussion with a lawyer who is experienced in U.S. tax compliance issues. Contrary to what at least one tax preparation firm suggests, OVDI is one of a number of compliance options. Although OVDI is […]

FBAR Penalities and The OVDI decision – A former IRS attorney talks to a seasoned “minnow”

On January 9, 2012 the IRS reopened  “OVDI” (Offshore Voluntary Disclosure Program). Some people with past compliance problems will surely consider (with the encouragement of the “cross border professionals”) whether to enter OVDI. The Isaac Brock Society issued a press release warning people to not enter OVDI without carefully considering the merits. Obviously nobody should […]

The IRS and OVDI: Unintentional manslaughter or intentional murder?

The IRS has proudly trumpeted OVDP and OVDI as successes. Both programs were understood to be attempts to go after “big time tax evaders”, “whales”, U.S. residents who were using “offshore bank accounts” and entities to hide income from the U.S. Treasury. That has been the conventional wisdom up until now. Of course, these programs […]

Canadian RRSPs and the OVDI Penalty Base

Those who entered OVDI understood (hopefully) that they were paying a fine based on a percentage of a base of assets. Obviously the lower the base, the lower the amount of the penalties. An interesting thread on this appeared on the Jack Townsend blog. For Canadians who entered OVDI (for whatever reason) there has much […]

OVDI Collateral Damage – U.S. immigrants

A moment ago I posted about the effect of OVDI on U.S. expats. This post will highlight the effect of OVDI on U.S. immigrants. My heart goes out to this person. He thought by immigrating to the U.S. he was coming to the home of the free. He thought he was coming to “that great […]

OVDI Collateral Damage – U.S. Expats

Now that the September 9, 2011 deadline has passed people actually have the chance to think. It is  understood that OVDI was primarily aimed at U.S. taxpayers who were using offshore bank accounts to hide money – and evade U.S. income tax. Even the name “Offshore Voluntary Disclosure Initiative” is telling. Two points:

OVDI Collateral Damage The Story Must Be Told

Those of you reading this blog are familiar with my conviction that the U.S. has completely abandoned its historical and constitutional roots. Let me be more precise. It is the Government of the United States that is the problem. The country is run by one of two private clubs – I am referring to the […]