New Jersey Tax Attorney Explains OVDP
Articles/News, Hot Topics, Offshore Account UpdatePosted in on June 24, 2014
Since 2009, the Offshore Voluntary Disclosure Program (OVDP) has made it possible for more than 45,000 taxpayers to declare offshore foreign accounts that they had failed to disclose in the past. The OVDP was designed to reduce penalties that would be associated with a failure to disclose a foreign account. Unfortunately, the program was very limited and many people who wanted to take advantage of it were unable to do so.
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