IRS Mulls Repeating Voluntary Disclosure Program

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The IRS is ‘seriously considering’ repeating the Voluntary Disclosure Program for holders of secret offshore bank accounts that provides a partial amnesty from full prosecution of the law. The frst Voluntary Disclosure Program was held between March and October 2009 that drew a response from 15,000 taxpayers arising from a crackdown on American offshore accounts in UBS bank of Switzerland. These taxpayers were spared from legal prosecution and only paid a fixed penalty. Since last October, another 3,000 taxpayers have ‘fessed up, who face undetermined penalties.

Under the frst program, the average payment to the IRS was more than $200,000 per person.

Please see full article below for more information.

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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.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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