A recent IRS announcement indicated the importance of taxpayers with undisclosed offshore accounts to come into full compliance with their federal tax obligations. Automatic reporting has made it less likely that financial accounts will go unnoticed by the IRS; so, it is even more imperative that taxpayer’s comply.
The Offshore Voluntary Disclosure Program (OVDP) and the streamlined procedures were designed to allow taxpayers to correct prior omissions and alleviate penalties of non-compliance. In addition, there are also procedures available to taxpayers who have paid their income taxes but omitted certain information on their returns.
The announcement stated that, since the OVDP began in 2009, there have been over 54,000 disclosures. And, the streamlined procedures, which began in 2012, have brought over 30,000 taxpayers to compliance.
For more information on offshore accounts compliance, and voluntary disclosure programs, please visit the referenced article, or contact Brenda Jacobs at bjacobs@brickleydelong.com or (616) 608-8530.