Who Benefits from IRS Offshore Voluntary Disclosure | International Tax Lawyer Minneapolis Minnesota
Hello and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I’m continuing my series of vlogs from Minneapolis, Minnesota. As I had said in previous videos from this series, this series is devoted to Offshore Voluntary Disclosures.
In the previous vlog, I explained what is an offshore voluntary disclosure; today I would like to talk about who is affected or who can take advantage of an offshore voluntary disclosure program.
In order to participate in an offshore voluntary disclosure, you have to be in violation of one or more US International tax reporting requirements and that applies equally to individuals and to businesses. It’s very important to understand that an offshore voluntary disclosure is not limited to individuals; a business can participate in an offshore voluntary disclosure program.
Unfortunately, it happens too often that an offshore voluntary disclosure can involve a situation where an accountant of a business, a CPA even, did not realize that there were additional US international tax reporting requirements and because of that, the business became noncompliant. It is okay for the business, in this situation to participate in an offshore voluntary disclosure program, but how does one know that one needed to file something to be compliant with his/her or its (in the case of a company) international tax obligations?
In order to do that, there is no alternative but to schedule a consultation with an international tax attorney, someone like me, or me.
One of the purposes of a consultation is precisely to do that: identify your US international tax reporting requirements. Many times I found that clients do not really know what they’re required to do or they may only know of one form but don’t know of another form. For example: fairly recently, I did a voluntary disclosure in a case where the client discovered that she was required to file a form 3520 for the year 2023 but she didn’t know that she needed to file FBAR and form 8938. This is a bit of a surprising case because usually it’s the other way around; people know about FBAR but they don’t know about form 3520. In this case, it was a particular case where the client was able to discover 3520 but not the FBAR. During the consultation, I was able to identify these additional reporting requirements and use them to build a voluntary disclosure strategy for her case which we have successfully completed in early 2025.
If you would like to know more about your US international tax obligations and your offshore voluntary disclosure options to fix your prior international tax noncompliance, you can call me at (952) 500-8159 or you can email me at: [email protected]
Thank you for watching, until the next time.
