Case Studies
tailored approach
Making the Complex Simple
We assisted the heir of a foreign amount in reviewing the financial disclosure options, and facilitated reporting through the Internal Revenue Service (IRS) Offshore Voluntary Disclosure Program.
Challenge
Our client inherited a sizable amount from a relative in France, and at the advice of a foreign consultant invested a portion in a Swiss life insurance product. While traveling in Switzerland, our client was taken aside and advised of the possibility of criminal charges for improper reporting.
Solution
When our client returned the U.S., we counseled her on the best financial disclosure options and facilitated proper reporting through the Internal Revenue Service (IRS) Offshore Voluntary Disclosure Program. When the IRS announced new streamlined domestic offshore procedures, we successfully transitioned our client into the new program. We reduced the penalty to a small percentage of the highest unreported balance.
