Last Chance to Participate in the IRS Offshore Voluntary Disclosure Initiative ("OVDI”) by David C. Morganelli, Esq


The IRS recently reminded taxpayers in IR 2011-84 that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on August 31, 2011. The IRS stated its position in IR 2011-84:

"U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. Taxpayers who come forward voluntarily get a better deal than those who wait for the IRS to find their undisclosed accounts and income. New foreign account reporting requirements are being phased in over the next few years, making it ever tougher to hide income offshore. As importantly, the IRS continues its focus on banks and bankers worldwide that assist U.S. taxpayers with hiding assets overseas."

IRS Commissioner Doug Shulman stated that “The time has come to get back into compliance with the U.S. tax system, because the risks of hiding money offshore keeps going up. Our goal is to get people back into the system. The second voluntary initiative gives people a fair way to resolve their tax problems.”

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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.

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