Another IRS Voluntary Disclosure Program


Get ready for another offshore voluntary program. After two successful Voluntary Disclosure Programs in which about $4.4 billion in hidden taxes was collected from about 33,000 taxpayers, the IRS is set to organize another one soon. In 2009, the first Voluntary Disclosure program, about $3.3 billion in taxes and fines was collected whereas the second program in 2011 collected another $1 billion.

The Voluntary Disclosure program is aimed at giving the opportunity to those who have been hiding taxable income in offshore accounts to declare their assets, pay a fine and avoid criminal prosecution. This time, the participants will have to pay a penalty of up to 27.5% of their biggest offshore asset or their biggest overseas bank account. They must also reveal details of the banks and identities of the advisers who helped them dodge paying taxes.

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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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