In recent years, the U.S. government has begun investigating foreign banking institutions and prosecuting U.S. taxpayers who are not in compliance with our country's tax laws.
At the law office of M. Bradford Randolph, Esq., PLLC, we help individuals use the Offshore Voluntary Disclosure Program (OVDP) to voluntarily disclose their foreign accounts, come into compliance with U.S. tax laws and minimize or possibly avoid many of the large penalties and criminal charges they would face if discovered.
Located in Rockefeller Center in New York, NY, M. Bradford Randolph, Esq., PLLC, represents U.S. taxpayers located throughout the country and abroad.
Many people are not fully unaware of U.S. reporting requirements on foreign income, as well as the reporting of business operations and financial accounts located in a foreign country. If you have foreign investments or property, inherited money in a foreign country or share a bank account with relatives living overseas, you may have a compliance issue.
OVDP: A Shield Against Criminal Liability
Under the Foreign Account Tax Compliance Act (FATCA), the federal government now has the power to obtain financial information about U.S. taxpayers from foreign banks. Because many of these banks are located abroad in what were once considered "tax haven" countries, many U.S. taxpayers have lost their anonymity, and are at risk of facing steep fines and possible criminal tax evasion and tax fraud charges if discovered.
The IRS has created an Offshore Voluntary Disclosure Program (OVDP) that allows taxpayers to voluntarily disclose their overseas accounts and come into compliance with U.S. tax laws while escaping criminal charges.
At the law office of M. Bradford Randolph, Esq., PLLC, attorney Randolph assists clients in disclosing the information required to qualify for the voluntary disclosure program. The penalty rules are complex, and it is often difficult to determine which penalties are applicable, and how they are calculated. Mr. Randolph is both an attorney and a CPA, and will work with you to minimize any penalties. As an attorney and a CPA, Mr. Randolph can both analyze the applicable legal issues and also prepare the required amended tax returns.
Advising Clients on Their Foreign Income
At the law office of M. Bradford Randolph, Esq., PLLC, we provide reliable tax guidance and counsel.
Many people come to us afraid they have inadvertently underreported their foreign income. We thoroughly examine each client's finances to determine whether unreported income exists. Sometimes, the item is not income at all and does not require disclosure. When the item is income, we help clients to develop a disclosure plan.
It is important to understand that the U.S. government is continually improving its procedures to identify unreported foreign income. Attorney Randolph understands that tax evasion procedures are continuing to be developed, a work-around, in effect, to prevent existing IRS procedures from identifying foreign income and financial accounts. Attorney Randolph cautions that these new tax evasion techniques provide a false sense of security. As a litigator, attorney Randolph understands how quickly the IRS is learning about the new tax evasion techniques that are continually being developed.
Contact an Experienced New York Tax Attorney
The OVDP is extremely complex. Before deciding to participate, it is important to consult with an experienced tax lawyer who can advise you of your rights, and counsel you on the best course of action to take.
The attorney-client relationship is a sacred one. Communications exchanged between lawyer and client are confidential. What you say in my office is privileged and will not be disclosed.
Brad Randolph has been practicing tax law for more than 25 years. In addition to being an attorney, Mr. Randolph is also a CPA. Mr. Randolph closely evaluates our clients' overseas accounts to determine if the OVDP is a good option for them.
Contact our law firm at 212-759-0097 to schedule a consultation.