3 thoughts on “Offshore Voluntary Disclosure Initiative (OVDI)

  1. hi thanks for the post. may question is about the ovdi. Back in 2008 we were made aware that we had to report fbar because we had a foreign Account. I was not told I had to do this every year and I missed 2009 & 2010 until I called IRS about something for 2011 and told me I had to do it everyyearso I started to since then. The interest from account was accounted for in tax returns but no far was sent do I do this asap electronically for these two years? also, if you have no income…do you still need to file taxes because of these interests? interests were under $ 500 ? is that mandatory?your help is greatly appreciated.

  2. Hi Flora,
    you still have to report your foreign bank accounts on the FBAR. You probably don’t need to do the Offshore Voluntary Disclosure Initiative, you can probably do the streamline filing compliance. Here’s a link: http://www.irs.gov/Individuals/International-Taxpayers/Streamlined-Filing-Compliance-Procedures

    Clearly, you didn’t willfully withhold information from the IRS, you just didn’t know. I think streamline is for you. You may qualify to just file the delinquet FBARS since you will owe no tax: http://www.irs.gov/Individuals/International-Taxpayers/Delinquent-FBAR-Submission-Procedures

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