Gary Wolfe, Esq. has recently published a number of articles that highlight increasing focus and scrutiny on offshore structures.
But for those taxpayers willing to come clean Mr. Wolfe
himself can speak to the potential pitfalls.
Being at the forefront of this complex area of tax law, he
can attest to the fact that there is a wide gamut of bad, good and better advice available to clients.
This is a highly complicated process that requires the type of expertise that few practitioners possess.
In the US, the so-called Offshore Voluntary Disclosure ("OVD") program is one option favored by some to resolve matters with the IRS
vis-a-vis undeclared offshore accounts.
As Mr. Wolfe
pointed out in his
newsletter of March 2013, there is a very substantial downside potentially to taxpayers who use this program and that other strategies may be more suitable depending on their specific fact pattern.
The OVD has its place but so too do other opportunities for clients to eliminate the possibility of criminal proceedings while bringing past tax fillings and disclosures up to date.
Again, Mr. Wolfe
and a select few can guide clients through the options and advise on the best choices.
Gary Wolfe, EzineArticles Basic PLUS Author