IRS Announces New Voluntary Disclosure Program


On February 8, 2011, the U.S. Internal Revenue Service announced a special voluntary disclosure initiative designed to bring offshore funds back into the United States tax system. The deadline for participation in the program is August 31, 2011. Internal Revenue Commissioner Douglas Shulman calls this new initiative "the last, best chance for people to get back into the system."

The new program comes on the heels of the first initiative (the 2009 Offshore Voluntary Disclosure Program or "2009 OVDP"), announced in March 2009, which resulted in more than 15,000 voluntary disclosures before ending in October 2009. Since that date, more than 3,000 additional taxpayers have come forward making disclosures to the Internal Revenue Service with respect to their offshore foreign arrangements.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Duane Morris LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »