Moby was the first publicly reported Opt Out of the 2009 OVDP. He has been very generous in sharing his experience, and has been an inspiration to others who have had to battle the fear of what draconian penalties the IRS ‘might’ apply outside of the OVDP. We all believe the IRS FAQ examples are hyperbolic maximums by intention to strike fear into non complying hearts, but until tested, you really don’t know. Moby basically turned down the “in lieu of” OVDP penalty, called their bluff, and won! If you are not familiar with his story, I would strongly encourage you to read it as originally reported on January 25th here and updated on March 10th here . Since the last post, he has been at work on a FOIA request related to IRS FBAR compliance improvement efforts, and asked me to share his findings. What follows is his report. Continue reading
Tag Archives: Moby
Moby "Opt Out" update
On January 25th, I posted a story of the “Opt Out” success of a Minnow with the alias of Moby.
It was under the title of An OVDP Minnow “Opt Out” Success by Moby
If you are not familiar with his story, I would suggest that you read that post first to bring you up to date with his story.
Moby, now complete in his dealings with the IRS and no longer residing in America, has generously made his “Opt Out” correspondence public for all OVDI participants to see and learn from. What follows is his message for all of us.
An Offshore Voluntary Disclosure Program (OVDP) Minnow "Opt Out" Success by Moby
Petros has convinced me to try my hand at doing my own posts, so here goes.
Thought I would start with this one. It relates to a recent “victory” of a financial sort for someone who joined the OVDP program back in 2009. We knew him as Moby.
After 27 long months, he won a long struggle with the IRS bureaucracy. He did not “just roll” over and pay out the absurd OVDP penalties designed for willful Whales. Instead he “Opted Out” of the process. This represents a real success if you don’t count the cost in LCUs (life credit units) that he expended in his effort.
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