Voluntary Disclosure for Offshore Accounts in Bethesda

Claire Sanderson

John and his team were very professional and responded to my questions and provided guidance quickly.

Prince Mampouya

I had an exceptional experience working with John Pontius and his team. Within minutes of submitting a consultation request through their website, I received a feedback from Gigi (Executive Assistant) at his office for a seamless preliminary intake. The following day, I spoke directly with John, who was not only incredibly friendly but also remarkably knowledgeable. He broke down a complex situation into clear, actionable options and thoroughly answered every single question I had. If you need expert guidance and prompt, high-touch service, I highly recommend John Pontius.

Alex Kaufman

Incredibly helpful and easy to get a free consult. Recommend

South Carolina Ave

We had a very positive experience working with Pontius Tax Law. John and his team were very knowledgeable, responsive, courteous and professional. I would definitely recommend them.

KER

I called John frantically after discovering an error on my taxes that spanned a few years. He called me back and was patient, kind, and exceptionally competent in helping me fix my situation, as was Dana on his team. I’m deeply grateful for their help and would not hesitate to recommend them for any sort of tax issue. Thank you again!

walt winston

I would highly recommend Pontius Tax Law for anyone navigating complex tax issues. From the very first consultation, it was clear that I was in the hands of true professionals who actually care. In fact, they actually care—and that makes all the difference when you are dealing with the stress of tax law. I would especially like to thank Dana. She was absolutely instrumental in managing my case. Dana is incredibly diligent, responsive, and possesses a deep understanding of the internal workings of the IRS. She kept me informed and managed each step of the process with total professionalism. What I appreciated most was how she patiently awaited my responses and the various documents she required. Because of my disability, my responsiveness was sometimes delayed, but Dana remained patient and accommodating throughout. I want to thank both Dana and John tremendously. They are worth every penny, not only for the peace of mind they provide but for their actual accomplishments in what is a very high-stakes process. Sincerely, Walt Winston

Mike M

Called after hours and was meeting with John and his team the next morning! Very professional group who's value to me was evident right away!

Mark Crick

Dealing with an issue from the IRS seemed like an overwhelming and impossible task until I was recommended to Pontius Tax Attorneys. They took me through my options without judging my situation, and worked out a plan that made sense for my family. Sarah was amazing!

Alexa Addison

John was incredibly helpful and informed. Within 5 minutes of requesting a consultation, I received a call from his office for a preliminary conversation. On the same day, I was able to speak with John Pontius who was super friendly. He was knowledgeable, clear, and incredibly helpful in breaking down my options. He answered every question thoroughly and made a complicated situation much easier to understand. Highly recommend.

James Levine

I must say it was a pleasure and delight to work with the firm. I was dealt with in a highly efficient manner by the paralegal team, and then I met with the senior partner. I have to say I was treated with absolute consideration for a difficult situation and with kindness and respect The charge structure is entirely appropriate for the level of skill. Highest recommendation

If you are aware of errors in your past tax returns and are concerned about an investigation by the IRS, a voluntary disclosure might be the answer. The IRS Voluntary Disclosure Practice may allow you to come forward before the government contacts you, potentially reducing the risk of criminal exposure if you fix those errors on your own.

This approach requires careful navigation, but our dedicated offshore disclosure attorney will help you weigh your options. Call us in Bethesda today to discuss voluntary disclosure for offshore accounts.

What Is Voluntary Disclosure?

The IRS Voluntary Disclosure Practice is your opportunity to disclose previously unreported income or other tax violations before the IRS discovers them independently. This isn’t designed to clear up good faith errors or mistakes, but instead targets willful failures to disclose all of your assets.

A voluntary disclosure doesn’t erase your tax liability or guarantee that every penalty will disappear. In fact, the IRS could still look into criminal exposure based on the disclosures you’ve made. However, this approach lets you correct past violations while substantially reducing the risk of criminal exposure by the IRS.

Who Is Eligible for Voluntary Disclosure?

Voluntary disclosure is available to many taxpayers who want to correct past tax violations, but not everyone is eligible. First and foremost, your disclosure must be voluntary. If the IRS has already started an investigation targeting your noncompliance, it may be too late for a person in Bethesda to enter the voluntary disclosure program for foreign accounts.

You’ll also need to be completely truthful, so any partial disclosures or continued attempts to avoid your tax obligations will undermine the process. Additionally, the IRS expects taxpayers to fully cooperate along the way, and any failure to do so could cost you.

Voluntary disclosure is commonly used by Bethesda taxpayers who intentionally failed to report offshore accounts, omitted foreign income, filed false returns, or committed other tax violations that fall outside the eligibility requirements for the streamlined filing programs.

Recalculating Past Tax Obligations

One of the most significant parts of the voluntary disclosure process involves determining exactly how much tax should have been paid during prior years. The IRS generally requires taxpayers to correct multiple years of noncompliance rather than simply beginning to file correctly going forward. This is a major part of voluntary disclosure for offshore accounts that Bethesda taxpayers need to know about.

The Six-Year Lookback Period

Under the current IRS Voluntary Disclosure Practice, taxpayers generally must correct the most recent six years of tax noncompliance. During this lookback period, you may need to amend previously filed federal income tax returns, submit any missing international information returns, and file delinquent FBARs if they were required.

Calculating the Correct Tax Liability

Correcting past returns involves more than reporting previously omitted income. You must accurately calculate the additional taxes owed for each year based on what your obligation should have been originally.

In addition, interest generally accrues on unpaid taxes. You could also face civil penalties depending on the facts of your case, and mathematical errors or incomplete financial records can delay the process or result in additional IRS questions. A careful review of your financial records helps produce accurate calculations and demonstrates your commitment to resolving the matter completely.

Learn More About How a Bethesda Voluntary Disclosure Attorney Can Help

Voluntary disclosure of foreign financial accounts is a big decision, but it’s often the best possible option for avoiding a criminal investigation after you’ve filed an inaccurate return. If you’re ready to explore your options, reach out to Pontius Tax Law to discuss voluntary disclosure for offshore accounts in Bethesda today.