David, Brody & Dondershine, LLP Experienced General Business Law Attorneys
2100 Reston Parkway, Suite 370
Reston, VA 20191

IRS cites looming deadline re offshore tax reporting program

Both fledgling businesses and established enterprises across the Washington, D.C., metro area deal with multiple and highly varied tax concerns virtually every day and throughout their existence. We centrally note many of them on our website at the experienced commercial law firm of David, Brody & Dondershine, LLP, in Fairfax. They include these considerations:

  • Tax-linked matters closely linked with the structuring of complex transactions
  • Tax-deferral tactics and strategies
  • Tax issues relevant to business formation and routine operations
  • Dispute resolution involving the IRS

Our firm helps with all those concerns, with one of our named partners being a practiced Certified Public Accountant.

A particularly outsized and vexing matter for many businesses in recent years is the mandatory reporting on offshore income imposed by the IRS pursuant to various initiatives.

A recent Forbes article notes the shorthand-denoted FBAR program, for example, which requires every individual and business with financial holdings of more than $10,000 anywhere outside the U.S. to annually report them. That initiative works in tandem with multiple exactions cited in the well-known FATCA tax compliance legislation.

And then there is the OVDP (Offshore Voluntary Disclosure Program), which for years has tasked individual and corporate taxpayers to disclose previously unnoted overseas financial holdings.

Many company principals will want to note a recent IRS announcement that the OVDP will soon be shutting down. The agency states that it has served its purpose and will formally end on September 28 of this year.

That effectively provides for a six-month final grace period in which affected individuals and entities can still come forward with information.

Understandably, questions are likely to be forthcoming concerning that stated development. They can be posed to a proven commercial law firm with a proven tax practice.

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