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Working abroad? Earning foreign income? Plan ahead.
IRS third-round voluntary disclosure information & May’s articles Voluntary Disclosure Service
In 2009, the Internal Revenue Service started the first-round “Offshore Voluntary Disclosure Program (OVDP).” On February 22, 2011, the IRS announced the second-round “Offshore Voluntary Disclosure Initiative (OVDI)”, which was ended on September 9, 2011. In 2012, the IRS started the new third-round “Offshore Voluntary Disclosure Program (OVDP)”, which is open-ended but could close in the future if the IRS decides to.
Now, referring to IRS, the IRS begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sep.28, 2018. For taxpayers who might not have been aware of their filing obligation, they can choose a seperate program, the "Streamlined Filling Compliance Procedure", and it will remain in place and available to eligible taxpayers to report their undisclosed foreign financial assets. However, please keep in mind that IRS may end the program at some point. For further details, please check the link below:
InterTax assists and represents clients with unreported foreign income and delinquent foreign informational returns such as FBAR, 5471, etc. to help clients avoid criminal penalties. Furthermore, InterTax works with an international law firm to provide forensic accounting services, foreign tax reporting information, and international taxation consultation services. You may be eligible for lower penalties. For further information, please contact us at 415-543-2828 or e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it..">This email address is being protected from spambots. You need JavaScript enabled to view it..
Additional Resources
Sing Tao Daily
June 21, 2011: Read May Ho's article "Avoid Severe Penalty, Don't Miss the OVDI 8/31 Deadline" (Chinese)
World Journal Weekly
On March 6, 2011, May Ho’s article “How to Deal with the Second Round Voluntary Disclosure Initiative?” was published in World Journal magazine issue No. 1407 “The U.S.’s Inescapable Dragnet, Taxes on Foreign Accounts.” (Cover Page)
Special report on voluntary disclosure. May Ho, CPA's article is one of the cover story. (Read Article) (Chinese).
On March 13, 2011, May Ho’s article “Hiding Foreign Investments? The IRS May Take All of Your Assets" was published in World Journal magazine issue No. 1408.
Special report on voluntary disclosure. (Read Article) (Chinese).
