This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print this page

February 8, 2011: Offshore Voluntary Disclosure Initiative


DOWNLOAD  

The IRS is offering people with undisclosed income from offshore accounts an opportunity to participate in a new, voluntary disclosure initiative in order to get current on their tax returns. The 2011 Offshore Voluntary Disclosure Initiative (OVDI) will be available only through Aug. 31, 2011. The OVDI is the government's effort to locate unreported overseas accounts.

The 2011 initiative has a higher penalty rate than the IRS's previous voluntary disclosure program, which ended on Oct. 15, 2009, but offers benefits to encourage taxpayers to disclose foreign accounts now rather than risk IRS detection, harsher civil penalties and possible criminal prosecution. In addition, the 2011 initiative includes new guidelines to provide fairness to people with smaller amounts of undisclosed assets or unusual situations. For example, the program offers a reduced penalty rate of 12.5% for accounts of $75,000 or less.

For details on the 2011 initiative, visit the links below:

News Release

How to Make a Voluntary Disclosure

Documents & Forms

FAQs

Full article is available for download in the attached PDF. For more information please contact FATCA Leader or click here.

Last updated

Related links

Share this page

Email this Send to LinkedIn Send to Facebook Tweet this More sharing options

Stay connected