IRS Resurrects Offshore Voluntary Disclosure Program (OVDP)
The IRS recently announced the resurrecting of the Offshore Voluntary Disclosure Program (OVDP) after its collection of more than $4.4 billion in back taxes from those programs in 2009 and 2011. The third offshore program is similar to its 2009 and 2011 predecessors with a few key differences: The new program does not have an […]
Department of Justice Increases Pressure on Unreported Offshore Accounts
On February 23, the Justice Department issued an indictment against four Swiss bankers for allegedly conspiring to assist US taxpayers evade taxes through offshore banking accounts. The move was undoubtedly meant to highlight the very real consequences facing US taxpayers who continue to fail to disclose unreported offshore accounts, as well as to further incentivize […]
IRS Announces Second Voluntary Disclosure Initiative
The IRS has announced a second special voluntary disclosure initiative for U.S. taxpayers with money in offshore banking accounts. The initiative, which is available through August 31, 2011, is aimed at bringing offshore money back into the U.S. tax system and allowing holders of offshore accounts to become up to date with their taxes. Following […]