August 26, 2016 Tax Bits

OVDP

By Robert S. Steinberg, Law Offices of Robert S. Steinberg, Palmetto Bay, FL

(To tune of “Tonight,” by Leonard Bernstein and Stephen Sondheim, from West Side Story.)

OV-DP
A voluntary plea
I wanted to come in from the cold.

OV-DP
You promised certainty
Seems your word is more tinsel than gold.

I thought
Mistakes would be forgiven
Into a herd we’re driven
Of culpability.

The room is crammed
Both innocent and damned
In OV-DP.

OV-DP
My head was in the stars
What did I know of FBARS the while?

OV-DP
My head was in the clouds
Never read, my return, when I’d file.

The deal
You sold me seemed terrific
Until you brought up PFIC
To up the tab on me.

Now fear, now doubt
And whether to opt-out
Of OV-D-P. ■