|
Bhatia & Co, Inc in US has been set
up to carry out professional services in
concert with our affiliate organization
over-seas.
**Important
News Update**
New Overseas Voluntary
Disclosure Program (OVDP 2012)
For those who missed out on OVDI (Overseas
Voluntary Disclosure Initiative) 2011, here
is another opportunity.
The IRS has reopened the Offshore Voluntary
Disclosure Program (OVDP). The program is
similar to the 2011 program in many ways,
but with a few key differences. Unlike last
year, there is no set deadline for people
to apply - at least as of now. This program
allows another opportunity to those tax
payers who have not been regularly filing
FBAR (Report of
Foreign Bank and Financial Accounts)
and other overseas financial disclosures.
The overall penalty structure for the new
program is the same for 2011, except for
taxpayers in the highest penalty category.
More
|