Another Win in a Streamlined Domestic Offshore Disclosure Case

Foreign currency


Client worked for an international oil and gas company based in Europe, where the employees had the equivalent of a European 401k. The client was given erroneous advice and never reported this foreign account when filing their tax returns. Before coming to The Wilson Firm, the client was looking at paying approximately $100k with the combined amounts of tax and penalties owed. This amount could have been increased by an additional $70k if the client’s actions were determined to be "willful," and they were assessed penalties for this. Instead, with the help of our firm, our client paid less than 13% of the potential amount owed by allowing us to guide them through the Streamlined Domestic Offshore Disclosure Process.