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2011 Offshore Voluntary Disclosure Initiative ends August 31The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is offered to those taxpayers with offshore accounts or assets. Under the program, taxpayers that disclose previously undisclosed foreign accounts and comply with the terms of the program can avoid otherwise applicable civil penalties and criminal prosecution. The 2011 Offshore Voluntary Disclosure Initiative will run through Aug. 31, 2011. It is modeled on the IRS’ first offshore voluntary disclosure program, which ran in 2009. The first program resulted in voluntary disclosure by some 15,000 taxpayers. The IRS reports that another 3,000 have come forward since the end of that program. For more information follow the IRS website link below. If you have any questions or need our assistance with completing the Voluntary Disclosure Package, click here to contact us for additional information. How to Make a Voluntary Disclosure Under the 2011 OVDI  |
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