TAX ATTORNEY AND CPA

THOMAS F. DILULLO ESQ.

C.P.A., M.B.A., J.D., AND LL.M.

Specializing In Personal & Business Income Tax Law For Over 30 Years


Offshore Accounts Penalty Lowered to 5% for Certain Taxpayers

 

 

 

THE OFFSHORE PENALTY IS LOWERED TO 5% FOR CERTAIN TAXPAYERS

 

On June 18, 2014 the IRS announced changes to the Offshore Voluntary Disclosure Program providing streamlined procedures to accommodate a wider group of U.S. taxpayers who have unreported foreign financial accounts.For the first time, these procedures are available to certain U.S. taxpayers residing in the United States. To obtain the benefit of the streamline procedures the taxpayer must certify that previous failures to comply were due to non-willful conduct. For eligible U.S. taxpayers residing in the United States, the only penalty will be a miscellaneous offshore penalty equal to 5 percent of the foreign financial assets that gave rise to the tax compliance issue.

 

 

Reviews Of Our Income Tax Lawyers

  • “Tom’s view is that his client is basically in the right and will not back down from this viewpoint in any negotiation. Consequently, I’ve seen him handle very difficult tax situations that others simply cannot confront. Remarkably, he always seems to have his clients come out on the winning side.”

    Scott Chichester, CPA

  • “Mr. DiLullo has kept the process stress free. All of his years of experience in dealing with government agencies has proven to be an asset and I highly recommend him.”

    Eric Vega