LexisNexis® Legal Newsroom
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...

McDermott Will & Emery: IRS Announces 2011 Voluntary Disclosure Program

By Thomas C. Borders PC and Menna Eltaki The IRS has announced a second offshore voluntary disclosure initiative intended to bring more taxpayers into compliance with the tax rules and bring offshore money back into the U.S. tax system. The 2011 Voluntary Disclosure Program changes and clarifies...

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...

Williams Mullen: IRS Announces a Second Voluntary Offshore Disclosure Initiative

By: Sean M. King , Matthew C. Marshall & Jeffrey D. Chadwick The IRS announced a voluntary disclosure initiative for taxpayers with undisclosed foreign financial accounts. It applies to both individuals and entities who make timely, accurate and complete disclosure of their foreign accounts...

California's Voluntary Compliance Initiative: It's Not the Crime - It's the Cover-Up!

One of my close friends from law school was interested in white collar criminal defense work. After graduation he went on to become a star litigator and is now a partner with a litigation boutique firm in Atlanta, Georgia. A majority of his practice involves defending corporations and executives accused...

Caplin & Drysdale International Tax Alert

Caplin & Drysdale, Chartered - International Tax Alert Recent Developments Relating to FBARs and Offshore Voluntary Disclosure Program By Lucy S. Lee and Scott D. Michel Last week was a busy week for the IRS. The IRS has made several important announcements regarding the terms and deadlines...

Additional FBAR Relief for Certain Foreign Financial Account Signatories

by Keith J. Blum , Partner - Boies, Schiller & Flexner LLP On June 16, 2011, the IRS, in Notice 2011-54, further extended the deadline from June 30, 2011, to November 1, 2011, for the filing of the Report of Foreign Bank and Financial Accounts (FBAR) for persons with no financial interest in a...

Troutman Sanders LLP: IRS Reopens Offshore Voluntary Disclosure Program

By Mark A. Goldsmith , Bryan B. Lavine and Robert A. Friedman Earlier this week, the IRS announced the reopening of the Offshore Voluntary Disclosure Program. The latest version of the program contains many of the same features of the two most recent initiatives, which were offered for a limited...

Fulbright & Jaworski LLP: IRS Gives Taxpayers Third Bite At The Apple; Announces Third Offshore Voluntary Disclosure Program

By Jasper G. Taylor, III , Robert C. Morris and Zhusong Yang The IRS, in a news release dated January 9, 2012, IR-2012-5 , announced the reopening of its offshore voluntary disclosure program ("2012 Offshore Voluntary Disclosure Program") that allows taxpayers with undisclosed...

Duane Morris LLP: New 2012 Offshore Voluntary Disclosure Program; Taxpayer Advocate Criticizes IRS "Bait & Switch"; Current Offshore Enforcement Initiatives

By Thomas W. Ostrander 2012 Offshore Voluntary Disclosure Program Announced by IRS: Details and Issues On January 9, 2012, the Internal Revenue Service (IRS) announced that it had reopened the Offshore Voluntary Disclosure Program (OVDP) following the closure of the 2011 and 2009 programs and the...