2012 Offshore Voluntary Disclosure Initiative (OVDI)
According to an announcement made by the US tax authorities (IRS) on January 9, 2012, the third Offshore Voluntary Disclosure Initiative (OVDI) will provide the opportunity for a voluntary disclosure under special conditions.
Following is an overview of the benefits of the 2012 Offshore Voluntary Disclosure Initiative that are valid for an indefinite period until otherwise announced by the Internal Revenue Service (IRS):
- Flat rate penalty payment of 27,5% of the highest aggregate account balance during 8 years prior to disclosure
- Minimizes the risk of criminal prosecution
- Most of the risks and costs of the voluntary disclosure process can be calculated in advance
- Reduced penalties if foreign aggregate assets are less than USD 75,000 in all the calendar years covered
- 5% penalty for limited categories of taxpayers
- Relief for taxpayers failing only to file FBARs (Report of Foreign Bank and Financial Accounts) or Forms 3520 and 5471
Because tax compliance is an important element of every long-term wealth management strategy, Kaiser Partner Financial Advisors has already helped many individuals through the voluntary disclosure process. Many of them became our clients, and they are now benefitting from our wealth management services.
Important: tax base accounting
The basic foundation for a successful voluntary disclosure is solid tax base accounting following the needs of US tax advisors and the requirements of the IRS. Therefore Kaiser Partner has built up special expertise in bookkeeping and reporting. For the 2011 Offshore Voluntary Disclosure Initiative, Kaiser Partner provides a range of specially tailored tax base accounting services at a reasonable price.
In addition, our advisors have access to an extensive network of expert lawyers and tax professionals both in the US and offshore. Thanks to this experience, we can guide US taxpayers with offshore assets through all the stages involved.
Contact Kaiser Partner Financial Advisors; our advisors would be very happy to have an initial consultation with you at no obligation: financial.advisors@kaiserpartner.com
