IRS Hits the Jackpot with Offshore Voluntary Disclosure Program (Taxpayers Do OK, Too)
Cracking down on tax evaders who hide their money offshore is becoming big business for the Internal Revenue Service. From law firm Duane Morris:
“According to IRS Commissioner Doug Shulman, the IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the first two programs. In addition, another 1,500 disclosures have been made already under the new 2012 program announced in January.”
For delinquent taxpayers, the program offers a great way to come clean without running the risks associated with getting caught:
“Taxpayers who do not submit a voluntary disclosure run the risk of detection by the IRS and the imposition of substantially higher penalties, including the 75% fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution.”
Something you might want to consider? Read Duane Morris’s comprehensive update first:
And watch this video on the topic:
[Link: Foreign Asset Disclosure Program - Sanford Millar]
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Related Reading:
• IRS Provides Long Awaited Guidance to Current Offshore Voluntary Disclosure Program and Announces a New Procedure to Assist U.S. - Snell & Wilmer L.L.P.
• New Guidance on the 2012 Voluntary Disclosure Program - Akerman Senterfitt
• A Third “Last” Chance to Disclose Income from Foreign Accounts to the IRS - Armstrong Teasdale LLP
• IRS Announces Third Offshore Voluntary Disclosure Program - Cole Schotz
• IRS Releases Additional Guidance for U.S. Taxpayers Disclosing Unreported Foreign Accounts - Charles (Chuck) Rubin
• IRS Collects $5 bil from Offshore Voluntary Disclosure Programs - Darrin Mish
• Incentives for Offshore Voluntary Disclosure Initiative - Sanford Millar
• IRS Tightens Offshore Tax Amnesty Participation Rules - Time Running Out - Brian Mahany
• IRS Has Reopened Its Offshore Voluntary Disclosure Program - Candida (CJ) Griffin, Esq.
• New 2012 Offshore Voluntary Disclosure Program; Taxpayer Advocate Criticizes IRS “Bait & Switch”; Current Offshore Enforcement Initiatives - Duane Morris LLP
• IRS Reopens Offshore Voluntary Disclosure Program - Polsinelli Shughart PC
• Third IRS Offshore Voluntary Disclosure Program Just in Time for Many Taxpayers Prior Programs Net US$4.4 Billion for Uncle Sam - Butler, Snow, O’Mara, Stevens and Cannada, PLLC
• The Pursuit of International Tax Compliance; IRS Reopens Offshore Voluntary Disclosure Program - Akerman Senterfitt
• IRS Announces New Off-Shore Voluntary Disclosure Program Without A Deadline - Bryan Cave
• Offshore Voluntary Disclosure Program Reopens - Katten Muchin Rosenman LLP
• IRS Offshore Voluntary Disclosure Program Reopens - Morrison & Foerster LLP
• I.R.S. Offshore Voluntary Disclosure Program Update – Tax Client Alert - Carr, McClellan, Ingersoll, Thompson & Horn
• The Third Time’s The Charm – IRS Announces Third Opportunity For Voluntary Disclosure Of Offshore Accounts - Lowenstein Sandler PC
• IRS Promises New Procedure for Taxpayers Who Haven’t Filed But Owe No Tax And Indefinitely Extends Offshore Voluntary Disclosure - Moodys LLP Tax Advisors
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