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Successful OVDP Opt-Out
OVDP Opt-Out Procedure (2018) – Successful OVDP Penalty Reduction by Golding & Golding
Golding & Golding recently took over a case in which the clients were railroaded into OVDP by inexperienced prior counsel.
The clients chose to Opt-Out in order to try to reduce their Offshore penalty, which was very high – especially for their particular facts and circumstances.
Our team of International Tax Attorneys and Enrolled Agents (the highest credential awarded by the IRS) developed a strategy to reduce the clients’ penalties.
We worked with the IRS Agent assigned to the case (who was very fair) for over a year and following the opt-out, the IRS made the determination that the clients were non-willful and reduced a nearly mid-six figure OVDP Penalty by 85% – which ended up being less than the Streamlined Penalty amount.
Be Cautious of Who You Hire for OVDP
OVDP is a specialty. Be careful of using general tax practitioners who tout false experience and trumped up credentials. These tax attorneys have no specific focus in their practice, and literally will take any type of case (even those beyond Tax) just to pay the bills.
They charge you little fees, and oftentimes leave you in a worse position than from where you started.
If your Attorney has never handled a trial on their own nor represented their own clients before the IRS in complex, high-stakes audits or civil/criminal litigation — chances are they will be inadequate to serve as your attorney in OVDP.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm for assistance with getting compliant.