The 2011 Offshore Voluntary Disclosure Initiative announced by the iRS in February of 2011 allows a one-time chance to non-compliant US tax payers to disclose and previously unreported assests and accounts with a tremendously reduced chance of penalties or prosecution.
Essentially, the OVDI program is a way to make things right with the IRS about any undeclared back taxes that you have forgotten about or did not realize you had to declare.
After filing all applicable forms and catching up with past omissions, you are expected to now file all taxes on a proper, yearly schedule.
The chartered accountants at Aylett Grant Tax LLP are cross border, US - Canada tax experts who specialize in OVDI filings.
They can be reached at 604-538-8735 for help.
We can help you with your voluntary disclosures to make things right with the IRS in a timely, cost-efficient manner.
The links below will take you to our parent site where the OVDI process and requirements are spelled out in more detail.