Steven G Kern has been a CPA in good standing since 1968, now practicing in California. More importantly, Mr. Kern is very experienced in the required filings for the IRS OVDI, Offshore Voluntary Disclosure Initiative, program relating to Offshore Accounts maintained by United States Residents and Citizens. Mr. Kern just recently completed a complex case in association with a noted Washington law firm, relating to UK accounts.
With a new IRS Form 3938 now already due with the 2011 Federal Tax Return for foreign accounts accumulating more than $100,000 (see http://www.irs.gov/pub/irs-pdf/i8938.pdf ) in amount, all Citizens and Residents of the United States are, under threat of additional penalty, required to disclose not only foreign financial accounts (similar to those reportable on a IRS FBAR in June of each year), but also other accounts held or issued by foreign financial institutions in the financial investment business. This applies to accounts created or inherited kept in the prior country of birth or residency prior to citizenship or residency in the United States. All Citizens and Residents are taxed on their worldwide income, regardless of where the assets are located.
It is very important to hire an advocate to prepare all of the significant requirements for your OVDI filing, someone who will always keep your best interests and more importantly, your pocketbook, in mind! Hire someone who will personally do 100% of the work for your filings and not subcontract to associates or other firms. Do not hire firms advertising on the TV and Radio promising tax amnesty. There is no amnesty for offshore accounts! The penalties for being in the OVDI program are severe, but the penalties for being discovered or not disclosing the presence of applicable foreign assets are staggering, including penalties that can be larger than the offshore account and potentially, jail!
OVDI filings are not inexpensive! Call for a FREE 30-minute consultation with Mr. Kern, if you feel you want to explore or enter the OVDI program or have questions relating to reporting and taxation of foreign accounts.
Everyone needs to be aware of the consequences of failing to provide appropriate attention to this matter.