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Thursday, June 19, 2014

June 18, 2014 - IRS announces TOUGHER Voluntary Disclosure Program Effective July 1, 2014.

If you have an undeclared offshore account with WILLFUL conduct, you should seriously consider filing a request to participate in the IRS Voluntary Disclosure Program before the new rules take effect on July 1, 2014.  

The timing of your submission to the IRS (pre or post July 1, 2014) may mean the difference between paying a 27.5% penalty or a 50% penalty on the highest aggregate value of your undeclared assets. 

If your conduct was NON-WILLFUL, the new program changes may reduce or eliminate the penalties that you pay altogether.  Likewise, the requirements for getting back into compliance are less burdensome. 

For Americans and others subject to U.S. taxation who reside overseas, the new program changes are a long awaited and welcome change for the better.  

Regardless of your situation, you will be best served to have a consultation prior to July 1, 2014.  Do NOT wait until June 30, 2014 to seek a consultation as there may not be sufficient time to retain an attorney to file a VD submission with the IRS prior to July 1, 2014. 

For a consultation, call Teig NOW at:

Office 305-576-4242  (7am to 5pm EST)

Cell    954-610-3029  (5pm to 10pm EST)

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