Tag Archives: OVDP FAQ 7.2

LIST OF BAD BANKS GIVING RISE TO 50% OVDP OFFSHORE PENALTY STILL GROWING

Posted on July 1, 2015 by steinbergtaxlaw

The IRS had added five more banks to its list of banks at which accounts will cause the OVDP offshore penalty to rise to 50% applied to all noncompliant offshore assets (See OVDP FAQ 7.2). FAQ 7.2 provides: Beginning on August 4, … Continue reading →

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OVDP – LIST OF BANKS AT WHICH AN ACCOUNT UPS OFFSHORE PENALTY TO 50% IS GROWING

Posted on May 21, 2015 by steinbergtaxlaw

The IRS continues to add to its published list of banks at which an account, even one account, increases the Miscellaneous Offshore Penalty imposed as part of the OVDP from 27.5% to 50% on all offshore assets connected with the … Continue reading →

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OFFSHORE VOLUNTARY DISCLOSURE PROGRAM (OVDP): STRICT APPLICATION OF 50% PENALTY CAN BE HARSH

Posted on February 15, 2015 by steinbergtaxlaw

Consider the following fact pattern: Father and daughter are participants in the OVDP who submitted their OVDP Letters after August 4, 2014.   Each owned separate unreported offshore bank accounts during the OVDP period 2006 through 2013. The father’s account was … Continue reading →

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