Posted by: John DeLancett
January 24, 2012
Topic: Legal News

The IRS has this month ( January 9, 2012) announced yet a third Offshore Voluntary Disclosure Program. The information available for it is pretty thin at this point, but the information provided at a recent seminar indicates that:

1) It is indefinite;

2) It could change at any time;

3) It may later be limited to certain types of Taxpayers;

4) All documents are to be sent to Austin, TX where they are to be assembled before being sent to the Examiner;

5) The eight (8) year tax period will change as it goes on;

6) The opt out will still be available;

7) The IRS will address dual citizenship issues later with guidance and procedures.

8) The penalty rate on the FBARs is increased to 27.5%; although lower rates of 5% and 12.5% remain available for certain taxpayers.

Say it Ain't So: Another Offshore Voluntary Disclosure Program

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