Should I Stay or Should I Go? – Part 12

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Written by Michael DeBlis, III | Posted in FBAR • OVDP

Answers to the Most Frequently Asked Questions Regarding OVDP

As a tax attorney specializing in the Offshore Voluntary Disclosure Program (OVDP), nary a day goes by that I don’t get a call from a person inquiring about the OVDP. The questions asked are relatively the same. After a while, I began to make a list of the most frequently asked questions. Below are my answers to them: (continued)

XVI. If I enter OVDP, will my voluntary disclosure be subject to an examination?

Normally, no examination will be conducted once the taxpayer enters the offshore voluntary disclosure program. However, the IRS reserves the right to conduct an examination. The normal process is for the voluntary disclosure to be assigned to an examiner who will certify its’ accuracy and completeness. The certification process is less formal than an examination and does not carry with it all the rights and legal consequences of an examination.

However, the examiner has the right to ask any relevant questions, request any relevant documents, and even make contact with third parties. This is done to certify the accuracy of the amended returns.

Next: XVII. If I transferred funds from one unreported foreign account to another during the voluntary disclosure period, will I have to pay a 27.5 percent offshore penalty on both accounts?

In accordance with Circular 230 Disclosure

Michael DeBlis, III

As a former public defender, Michael has defended the poor, the forgotten, and the damned against a gov. that has seemingly unlimited resources to investigate and prosecute crimes. He has spent the last six years cutting his teeth on some of the most serious felony cases, obtaining favorable results for his clients. He knows what it’s like to go toe to toe with the government. In an adversarial environment that is akin to trench warfare, Michael has developed a reputation as a fearless litigator.

Michael graduated from the Thomas M. Cooley Law School. He then earned his LLM in International Tax. Michael’s unique background in tax law puts him into an elite category of criminal defense attorneys who specialize in criminal tax defense. His extensive trial experience and solid grounding in all major areas of taxation make him uniquely qualified to handle any white-collar case.