UPDATE: Visit here for the most recent information on Offshore Disclosure. I have left this page up as it provides excellent background into the OVDI program.
The 2011 Voluntary Disclosures Deadline is about to expire. We are finally finishing up the latest round of the voluntary disclosures, which are due (extended to) September 9. My first thought on this new voluntary disclosure initiative was not positive. But now, the IRS has given much more guidance with regards to people who were inadvertent tax evaders.
Possibilities of much lower penalties now exist. The opt-out process is more clear, and I expect it to become even more concrete. Even someone who used the 2009 initiative can resubmit under the 2011 initiative and make a voluntary disclosure, if they feel that they have been unfairly penalized. The 2011 deal for those with some "willful intent" is not as charitable as the 2009. With the 2011 initiative expiring for voluntary disclosure, I hope the IRS will publish what the new terms will be for anyone who misses this date. I will be looking into that.
For answers to common questions about the OVDP, click here. If you have unreported offshore accounts and arent' sure what to do, contact us. We can help. Call us at 888-727-8796 or email info@irsmedic.com.
