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IRS Offers New Tax Amnesty Program for Offshore Account Holders

There's important news for people who maintain funds in offshore accounts. The IRS announced this week the 2011 Offshore Voluntary Disclosure Initiative ("OVDI") -- a new program designed to encourage people to bring offshore assets into the U.S. tax system. The initiative more or less...

Foreign Financial Accounts and Assets Reporting and the 2011 OVDI

The Service has announced the launch of an initiative to give taxpayers the opportunity to voluntarily disclose previously-undisclosed offshore financial accounts and assets. IR-2011-14 (issued on February 8, 2011) explains that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) is "designed...

Article on OVDI and Beyond

Scott Michel and Mark Matthews have written a thought-provoking article on the status of the IRS offshore financial account. See Scott D. Michel, OVDI is Over -- What's Next for Voluntary Disclosures ?, 133 Tax Notes 369 (Oct. 17, 2011), here . (The article is offered here with the permission of...

IRS Announces Another Offshore Voluntary Disclosure Program

The IRS seems to have taken a nod from the legendary Yankee backstop, Yogi Berra, because "it's déjà vu all over again." On January 9, 2012, the IRS announced that it was "reopening" the Offshore Voluntary Disclosure Program (OVDP) for an indefinite period. This...

National Taxpayer Advocate Report Critical of IRS Implementation of Offshore Voluntary Disclosure Programs

The National Taxpayer Advocate who has intervened for participants in OVDP and perhaps OVDI as well has issued her annual report to Congress. The web page with links to components of the report is here . Among the items discussed are the problems she and her staff perceive with respect to the IRS's...

National Taxpayer Advocate Report Critical of IRS Implementation of Offshore Voluntary Disclosure Programs

The National Taxpayer Advocate who has intervened for participants in OVDP and perhaps OVDI as well has issued her annual report to Congress. The web page with links to components of the report is here . Among the items discussed are the problems she and her staff perceive with respect to the IRS's...