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...
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...
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...
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...
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, 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...
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...
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...
By Jasper G. Taylor, III ,
Robert C. Morris and
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
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...