IRS’s 2011 Offshore Voluntary Disclosure Initiative

Ken Hooper — Fri, 11 Feb 2011 01:40:17 +0100

On February 8, 2011, the IRS announced a new Offshore Voluntary
Disclosure Initiative (OVDI), which is described as an amnesty-type
program for taxpayers with foreign bank accounts. The IRS
claims that this program will crack down on allegedly hidden
offshore accounts and
tax evasion.1

Taxpayers who participate in the program will have to pay up to
25% of the highest annual amount in a disclosed account from 2003
through 2010… and that’s in addition to back Read More...

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IRS’s 2011 Offshore Voluntary Disclosure Initiative