Complete Voluntary Disclosure Package - OVDP‏

1 Copies of signed Offshore Voluntary Disclosures letter previously submitted to Philadelphia.
2 Copies of Attachment To Offshore Voluntary Disclosures Letter previously submitted to Philadelphia.
3 Signed Penalty Computation.
4 Foreign Account or Asset Statement – one for each account and foreign corporation.
5 Signed FBAR Penalty Extension.
6 Signed Form 872 – Consent to Extend Time to Assess Tax (including tax penalties).
7 Copies of original filed Federal Income Tax Returns for prior eight years.
8 Signed Amended Federal Income Tax Returns.
9 Checks for Amended Federal Income Tax Returns.
10 Printed copies of electronically submitted FBARS, Form FinCEN 114, for prior eight years.
11 Copies of offshore financial account bank statements.
12 Applicants disclosing offshore entities.
• Statement identifying all offshore entities and Form 5471 entity in existence.
• Statement of dissolved entities* under Frequently Asked Questions 29.

You have 45 days to submit a complete voluntary disclosure package from the date you are preliminary accepted to the OVDP.
After submitting your full and complete voluntary disclosure package, your case will be assigned to a civil examiner to complete the certification of your tax returns for accuracy, completeness and correctness. The examiner will certify that your voluntary disclosure is correct, accurate and complete by reviewing your records along with your amended or delinquent income tax returns. The examiner will also verify the tax, interest and civil penalties you owe.
The examiner has the right to ask any relevant questions, request any relevant documents, and even make third party contacts, if necessary, to certify the accuracy of the amended returns without converting the certification to an examination.
Timeline: Generally, an examiner will be assigned to your case in six months to a year after a full submission is made to Austin. Because every case is different, there is no way to predict how long the examination process will take for you.
Once the examination process is complete the examining agent will issue a closing letter verifying the tax, interest and civil penalties. At this time, the examining agent will also calculate the offshore voluntary disclosure 27.5% miscellaneous penalty.