Offshore Voluntary Disclosure Program Law | Illinois Lawyer


The Offshore Voluntary Disclosure Program allows people who previously failed to declare overseas assets to do so without fear of civil or criminal penalties. Every U.S. citizen and resident with a cumulative $10,000 or more in foreign assets must disclose this fact to U.S. authorities annually. If you haven’t been complying with the financial reporting requirements, get in touch with us today!

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FBAR Law: work signatories

You May Need To File FBAR Paperwork

You have signatory authority for an overseas work account worth more than $10,000. That means you must file FBAR paperwork with the federal government.

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chicago tax lawyer: FBAR assistance

FBAR Reporting: What Do You Need To Disclose To The IRS?

The Internal Revenue Service requires individuals and businesses to disclose foreign asset holdings yearly. Are you compliant?

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Chicago Law Blog: Hiding assets from the IRS

Hiding Assets From The IRS: Penalties

Hiding assets from the Internal Revenue Service is never, ever a good idea. But if it happens, there are ways to come clean without incurring criminal penalties.

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Chicago Law Blog: Tax Law Help

The IRS Found My Foreign Holdings: Now What?

If you have money or material holdings in a foreign country, the IRS wants to know about it. And if you don't tell, the consequences can be catastrophic.

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Chicago Law Blog: OVDP Lawyer

Getting Compliant with the OVDP

Parties with overseas bank accounts and financial holdings can't just brush it under the proverbial carpet and hope the IRS doesn't notice.

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Chicago Law Blog: Tax Penalties

Tax Penalties: A Quick Overview

Tax problems happen. And when they do, the penalties can be severe. Jump through for a quick overview of tax penalties and possible solutions.

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Chicago Tax Lawyer Blog: FBAR Disclosures

Consequences of FBAR Non-Compliance

Anyone with more than $10,000 in overseas assets must comply with Foreign Bank and Financial Accounts Reporting (FBAR) regulations.

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Chicago Law Blog: Foreign Disclosures

Foreign Disclosures & Tax Law

Do you have more than $10,000 in overseas financial holdings? If so, the U.S. government requires you to report their value and standing annually.

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