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)
XXI. What if, after making a voluntary disclosure, I disagree with the application of the offshore penalty? What can I do?
Remember that the penalty framework for offshore voluntary disclosure and the agreement to limit tax exposure to eight years are package terms. Mediation with appeals is not an option.
The only option is for the taxpayer to withdraw from or “opt out” of the program. An opt out is an election made by a taxpayer to have his case handled under the standard audit process. Once made, this decision is irrevocable. Therefore, if the taxpayer wakes up the following morning with buyer’s remorse, it is too late.
Next: XXII. If I opt out, will my case be referred for audit?
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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.
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