Jan 10, 2012

Taxpayers Take Notice: IRS Issues New Voluntary Disclosure Guidelines for Overseas Accounts

Authored by: Scott Harty, Esq. On January 9, 2012, the IRS reopened the Offshore Voluntary Disclosure Program (the “2012 OVDP”) to U.S. taxpayers who wish to voluntarily disclose unreported offshore assets.  Taxpayers wishing to participate in the 2012 OVDP must file amended returns for the years covered by the 2012 OVDP (generally the prior 8 years); pay any unpaid taxes, penalties, and interest; file FBAR Forms (Form TD F 90-22.1) for all undisclosed foreign accounts held by the taxpayer during the period covered by the 2012 OVDP; and pay a one time penalty equal to 27.5% of the highest aggregate… Read more