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Individuals who own offshore bank accounts or who have signature authority over offshore bank accounts have certain reporting requirements. When an individual with any kind of offshore accounts is required to file disclosure forms and fails to do so, civil and criminal penalties could be imposed as a result of this failure. The Offshore Voluntary Disclosure Program (OVDP) was designed to allow accountholders to come forward and admit to past failures to submit required disclosures while avoiding criminal penalties and limiting civil fines.

If you have any type of investments or financial products offshore, you must understand the rules for reporting those accounts and for paying taxes on investment income. A Virginia tax law firm can assist you in complying with the legal requirements for your accounts. If you have failed to comply in the past with reporting and tax requirements, an attorney can also help you to determine what options you have to minimize the possibility of penalties as the IRS becomes more aggressive at identifying offshore funds.

Filing taxes on time is of utmost importance.  Both companies and individuals with connections to the United States are generally expected to file annual tax returns, even if they do not believe they owe any money to the IRS.  Unfortunately, the process of filing can be confusing, and the stakes are high because an error on a tax filing could lead to costly fines and penalties -- including criminal charges in some cases.