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The Offshore Voluntary Disclosure Program (OVDP) is a program allowing for U.S. taxpayers to voluntarily report offshore accounts that they had failed to report to the IRS in the past. Depending upon the value of your offshore account and whether you live in the U.S. or abroad, you may have been required to file a Report of Foreign Bank and Financial Account (FBAR) and/or a Form 8938, Statement of Specified Foreign Financial Assets. If you failed to comply with reporting requirements, OVDP gives you the chance to come forward and correct the situation before the IRS comes after you.

The threat of being subjected to an IRS audit is a major fear of many taxpayers throughout the United States. An audit can be time consuming and it can be a major hassle. In a worst-case scenario, an audit can also result in you being found to owe back taxes and penalties if the IRS determines you did not declare all of your income or determines you cannot support the deductions that you claimed.