VANCOUVER, BC--(Marketwired - June 24, 2016) - US Tax Professionals knows that filing taxes, particularly cross border taxes, can be challenging. However, if information has been incorrectly filed or omitted, it's only a matter of time before the IRS catches up. To ensure any offshore accounts are in full compliance with federal tax obligations, the IRS is urging citizens to step forward and correct prior mistakes or omissions using the Offshore Voluntary Disclosure Program or OVDP. For more information, go to: http://www.us-taxprofessionals.com/wordpress/
"The groundbreaking effort around automatic reporting of foreign accounts has given us a much stronger hand in fighting tax evasion," said IRS Commissioner John Koskinen. "People with undisclosed foreign accounts should carefully consider their options and use available avenues, including the offshore program and streamlined procedures, to come back into full compliance with their tax obligations."
OVDP offers taxpayers with undisclosed income from offshore accounts an opportunity to get current with their tax returns and information reporting obligations. The program encourages taxpayers to voluntarily disclose foreign accounts now rather than risk detection by the IRS at a later date and face more severe penalties and possible criminal prosecution.
Learn more about IRS compliance by calling US Tax Professionals. With 25 years of experience, US Tax Professionals offers a broad range of professional tax services for individuals, businesses, executives, foreigners, investors, and independent professionals for Americans living in the Vancouver area.
About the Company
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit http://www.us-taxprofessionals.com/ or call (604) 949-1559.