Tax Expert and Advisor Barry G. Fowler, Urges Taxpayers With Overseas Assets To Come Forward Before The Promise Of Non-Prosecution Ends
Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions addresses the problem U.S. taxpayers will face if they have undisclosed overseas assets and fail to report them to the IRS before September 28, 2018.
Houston, TX – June 1, 2018 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “No More Hide ‘N Seek For Taxpayers Overseas Assets,” in which Mr. Fowler urges taxpayers to avoid criminal prosecution.
Fowler writes, “As most taxpayers who work with Taxation Solutions know, we typically work with the underdogs, those people who get into IRS trouble because they can’t pay.
He continues, “However, from time to time, we also deal with very high net worth individuals and corporations.”
“Occasionally we get clients who have not filed or paid taxes in several years,” says Fowler, adding, “And, sometimes, these are high net worth individuals attempting to disguise themselves as low income taxpayers. These are people who might even be hiding assets overseas.” He emphasizes, “This article is addressed to these unorthodox people. If you’re not one, but you know someone who is, please invite them to read this article! Because if they haven’t already made themselves known, the jig is up.”
Fowler tells it plain and simple, “The IRS is ending the Offshore Voluntary Disclosure Program (OVDP) this September 28th.” He adds, “This program has given U.S. taxpayers an opportunity to come forward with ‘previously undisclosed foreign income, accounts or assets with the promise and certainty that they will not face criminal prosecution.” According to the IRS, says Fowler, “Since the program’s inception in 2009, over 56,000 US taxpayers have paid over $11.1 billion in back taxes, interest, and penalties through the OVDP, but the number of participants has steadily declined over the past few years – from 18,000 in 2011 down to only 600 in 2017.”
Fowler writes, “The answer to the question of what happens once the OVDP door closes can be summed up in one word: Prosecution.”
The entire article can be read at https://www.taxationsolutions.net/no-more-hide-n-seek-for-taxpayers-overseas-assets/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTP