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U.S. taxpayers, who have still not reported their foreign assets and income to the U.S. Internal Revenue Service (IRS), should immediately consider consulting with their tax practitioner to discuss the possibilities of becoming compliant through the IRS Offshore Voluntary Disclosure Program (OVDP). As taxpayers have had several years to become compliant, the IRS has announced...
The streamlined ‘Offshore Voluntary Disclosure Program’ (OVDP) introduced by the U.S. Internal Revenue Service (IRS) in 2012 allows U.S. Persons holding foreign financial accounts to disclose these details to the IRS if they did not file the FBAR, 1040, or other qualifying forms as required by the IRS. If accepted, the taxpayer would be eligible...
United States Department of Justice: Offshore Compliance Initiative News August 3 2011 UBS Client Pleads Guilty to Filing False Tax Return August 2 2011 Former UBS Banker Charged with Helping U.S. Taxpayers Use Secret Swiss Bank Accounts to Evade U.S. Taxes July 21, 2011 Swiss International Bank’s Former Head of North America Offshore Banking, Others...
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