Should I Stay Or Should I Go? - Part 19

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

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: (final post of questions and answers)

XXIII. Does my case remain within the Voluntary Disclosure Practice even after opting out?

Yes. Therefore, you must cooperate fully with the examiner by providing all requested information and records. In addition, you must pay, or make arrangements to pay, the tax, interest, and penalties that are ultimately assessed.

XXIV. If I opt out and the IRS discovers issues during a full scope examination that I did not previously disclose, can my case be referred back to Criminal Investigation?

Yes.

XXV. If I opt out and the IRS conducts a full examination, may I appeal any tax and penalties imposed by the IRS? How about the IRS’s decision on the terms of the OVDP closing agreement?

After a full examination, any tax and penalties imposed by the IRS may be appealed. However, the IRS’s decision with respect to the terms of the OVDP closing agreement may not.

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.