Call to Request a Free Consultation
2011 IRS Offshore Voluntary Disclosure Initiative Deadline Fast Approaching One of Florida's Most Reputable Defense Law Firms

2011 IRS Offshore Voluntary Disclosure Initiative Deadline Fast Approaching

Act Now!

The United States Internal Revenue Service (IRS) is offering those with undeclared offshore bank accounts the opportunity to participate in its 2011 Offshore Voluntary Disclosure Initiative (OVDI). Taxpayers with undeclared foreign accounts will not face criminal prosecution although they will be liable for taxes, penalties and interest. The civil penalties for failure to file the yearly report disclosing offshore accounts will be significantly reduced, which together with avoiding criminal prosecution constitutes significant reasons to enter the 2011 Offshore Voluntary Disclosure Initiative.

The IRS recently announced an extension of time to complete the requirements of the OVDI. When originally announced, the IRS required that the program be completed by September 9th, 2011. That deadline for completion can be extended by 90 days upon showing of a good faith effort to obtain the necessary documentation. The IRS recognized that it is often difficult and time consuming to get records from offshore financial institutions. The new time frame to complete the program still requires that the application to enter the 2011 Offshore Voluntary Disclosure Initiative be submitted by September 9th, 2011.

Penalties for Not Declaring Can Be Severe

The IRS and Department of Justice have filed law suits seeking to force some offshore banks to disclose U.S. customers. Because of this pressure the IRS has and will receive account holder information. Taxpayers who have not declared offshore accounts and income from offshore accounts face serious penalties - even criminal prosecution. Some possible civil penalties include:

  • For failing to declare a financial interest in a foreign account exceeding $10,000 at any time during the year, the penalty can be the greater of $100,000 or 50 percent of the highest account balance per year
  • For failure to disclose offshore income, the taxpayer can face a civil fraud penalty of 75 percent of the unpaid tax

In addition, of course, those who fail to disclose offshore accounts and income face prosecution for tax evasion. A conviction for tax evasion can bring a prison sentence of up to five years and a $100,000 fine for each year. A conviction for filing a false return can bring a prison sentence of up to three years and a $100,000 fine.

Successful completion of the OVDI not only avoids criminal prosecution, but also significantly reduces the civil penalties which may be imposed without the OVDI.

An Attorney Can Help

If you have an undeclared offshore account - whether in the Cayman Islands, Europe, South America or Asia - contact an experienced criminal tax lawyer. An attorney can assess your case, outline your options, and help you protect your rights. For more information about whether you would benefit from participating in the 2011 Offshore Voluntary Disclosure Initiative, contact an attorney today.

Dedicated to Excellence

Read Our Client Reviews
  • Jan, Former Client

    The best criminal defense attorney in Orlando!

  • Former Client

    In the fight of my life, I wouldn't have wanted to use anyone else.

  • Former Client

    I believe this positive outcome is a reflection of your life’s work.

  • Ted, Former Client

    Throughout the entire nightmare, Mr. Horwitz was by my side all the way. I could not have been better represented. Once indicted, I could not have had a better outcome.

  • Anonymous

    Mr. Citro knows the ins-and-outs of how the Government operates and works their cases.

  • Roshelle P., Former Client

    I know he fought for me and that's the best feeling you could ever have when you find yourself in the middle of a nightmare. I would highly recommend this law firm for anyone needing someone to fight for them!

  • Rob, Former Client

    The attention to detail and professional approach to my situation was extraordinary. Attorney Mark Horwitz made me feel like my case was important to him and that he and his staff cared about the outcome.

  • Daniel, Former Client

    Competent and thorough legal counsel!

  • John, Former Client

    Couldn’t have asked for a better outcome!

  • Nalita, Former Client

    I greatly appreciate the time and diligence that they spent on my case.

  • Cary

    This is the Attorney I highly recommend!

  • Randy P., Former Client

    I felt strong and confident that no other attorney team could have represented me better.

  • Anonymous, Former Client

    I received good quality legal services from an experienced and well respected lawyer.

The Edge You Need

6 Reasons to Hire Us
  • Former Federal Prosecutors
  • Board Certified with The Florida Bar & the National Board of Trial Advocacy
  • Personalized Client Service & Aggressive Legal Advocacy
  • Published Speakers/Authors & an Authority on Federal Matters
  • Regularly Featured in the News & Media
  • Highly Regarded by Peers, Prosecutors & Judges

Let's Discuss Your Case

Request a Free Consultation
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.