In the August 26, 2015 Federal Register, the IRS asked for feedback on current and proposed Offshore Voluntary Disclosure Program (OVDP) and Streamlined Process Forms.
In particular, the IRS asked for comments and suggestions on the following:
- OVDP Form 14457 Offshore Voluntary Disclosure Letter
- OVDP Form 14454 Attachment to Offshore Disclosure Letter
- OVDP Form 14452 Foreign Account or Asset Statement
- OVDP Form 14453 Penalty Computation Worksheet
- Streamlined Foreign Offshore Procedures Form 14653 Certification by US Person Residing Outside the US
- Streamlined Domestic Offshore Procedures Form 14654
In this video, recorded October 16, 2015, the offshore team at IRSMedic responded. We hope that the IRS, particularly OVDP Examiners, offshore tax professionals, and US taxpayers wanting to explore the issues take the time to watch this. Clocking in right around 90 minutes, I am very proud of the job our team did explaining why the offshore processes the IRS has set up have generated far too much confusion and delay. Not only that, but they were able to give great pointers on how to improve the OVDP and the Streamlined programs. Please leave any comments you might have for improvements or suggestions for additional topics.
