FATCA and Voluntary Disclosure

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1 Response

  1. Kate Leonard says:

    FATCA and OVDI – these are both an increasing focus of our firm’s practice. We are currently working with several law firms under Kovel letters. The certainty of the OVDI penalty – a proxy penalty for the hefty penalties related to non-compliance in the international arena – brings peace of mind to our clients. Of course they are also relieved that criminal charges are not likely. One client recently called his OVDI penalty a “membership fee”. With the reporting under FATCA, the number of US taxpayers joining this compliance “club” is growing exponentially.