Experienced international tax attorney Paula Brunoro-Borokhov of Brunoro Law urges U.S. taxpayers to get informed about available foreign tax filing programs after IRS announced the end of Offshore Voluntary Disclosure Program.
San Diego, CA, United States - March 21, 2018 /MarketersMedia/ —
On March 13, 2018, the Internal Revenue Service announced its plans to end the Offshore Voluntary Disclosure Program (OVDP). The program is to be terminated on September 28, 2018. In the light of the recent announcement, foreign tax attorney Paula Brunoro-Borokhov of Brunoro Law wants to inform the U.S. taxpayers with undisclosed foreign financial assets about the available programs and other options.
Launched in 2012 and modified in 2014, the current Offshore Voluntary Disclosure Program allows the disclosure of unreported foreign income, bank accounts and other financial assets, a practice which is to end by October, 2018. A similar version of OVDP – Streamlined Filing Compliance Procedures, is to remain in place.
U.S. citizens and resident aliens with foreign income as well as foreign financial assets must report the assets on their Annual Income Tax Return. In addition, they are to file form FinCEN 114, also referred to as FBARs.
‘’In case a taxpayer with undisclosed foreign financial assets fails to abide by the rules, they risk hefty penalties should they come under audit or investigation by the IRS. The U.S. taxpayers should understand their options and file for one of the available programs. At Brunoro Law, we have a system in place to assist our clients throughout the whole process to the best outcome,’’ comments Paula Brunoro-Borokhov, the principal attorney of Brunoro Law, APC.
About Brunoro Law: Brunoro Law is located in San Diego, CA, and is dedicated to providing efficient legal solutions in areas such as International Tax, Tax Planning, Tax Controversy and Corporate Law. The principal attorney of Brunoro Law is Paula Brunoro-Borokhov, an experienced international tax attorney who is licensed in both the United States and Brazil and is fluent in Portuguese, Spanish, and French, in addition to English. Brunoro Law serves individuals and businesses throughout the U.S. and in Brazil, Mexico and other countries in South America.
Contact Info:
Name: Paula Brunoro-Borokhov
Email: pbrunoro@brunorolaw.com
Organization: Brunoro Law
Address: 600 W Broadway Suite 700, San Diego, CA 92101
Phone: 619-394-8681
For more information, please visit https://brunorolaw.com/
Source: MarketersMedia
Release ID: 317910
