There are certain reasons you might not be able into the Offshore Voluntary Disclosure Program. These reasons include, but aren't limited to:
- The IRS has already learned about your unreported account
- You're under an audit
- The income comes from an illegal source
If you can enter into the program, you will reduce the amount of civil penalties and avoid facing criminal charges.
New laws such as FATCA are forcing up to 77,000 foreign banks to report their US account holders to the IRS.
Waiting until the IRS calls you about your offshore accounts means it will be too late to enter into the OVDP. This is is why it's imperative to contact a Florida offshore bank account attorney at the Law Offices of Mark L. Horwitz and to begin the process of entering into the program.