Voluntary Disclosure/Offshore Assets

The IRS has significantly increased enforcement of the laws requiring reporting of foreign financial accounts and assets. McMahon & Associates, PC has represented hundreds of taxpayers resolve their foreign asset and income reporting problems. Penalties in this area can be significant and new laws will make concealing such accounts more difficult. The IRS’s current voluntary disclosure program allows taxpayers to come into compliance and pay a smaller penalty than otherwise possible.

Any taxpayer who believes they may have a foreign asset reporting compliance problem should contact us immediately. The rules governing the IRS Offshore Voluntary Disclosure Program have been and may be revised at any time.


What Should You Do If You Have An Undisclosed Foreign Bank Account?

Are You A Retired U.S. Citizens Living Abroad? Do You Know About FBAR and Foreign Asset Reporting Requirements?

McMahon & Assoc. can help with foreign tax issues

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The information contained in the McMahon & Associates, PC web site is solely for informational purposes and does not create an attorney-client relationship or constitute legal advice. Unsolicited information transmitted electronically to our attorneys via this web site or the Internet is not considered confidential.

  • IRS to End Offshore Voluntary Disclosure Program March 13, 2018
    The Internal Revenue Service (IRS) announced on March 13, 2018 that it will be ending the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. If you have an undisclosed foreign bank account, contact McMahon & Associates to learn how to come into compliance with the IRS. Learn more about OVDP here: IRS Offshore Voluntary […]
  • Sean McMahon Discusses Tax Trends and Challenges in Interview with Massachusetts Lawyers Weekly March 12, 2018
    In a recent interview with Massachusetts Lawyers Weekly In House Counsel, D. Sean McMahon discusses trends in tax law, challenges to the legal profession and how McMahon & Associates assists taxpayers. After leaving the Internal Revenue Service Chief Counsel’s Office in 2005, D. Sean McMahon opened the doors of McMahon Tax Law in Boston. Today, […]