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IRS and Offshore Bank Accounts and Programs
The Internal Revenue Service announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. The IRS never expected this Program to yield such a goldmine. The IRS will go lights out to attack Offshore Bank Accounts and those who have not reported because of the large stream of revenue this program has produced.
OFFSHORE BANK ACCOUNTS
IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the first two programs.Program 3 is underway and look out.
In addition, another 1,500 disclosures have been made under the new program announced in January.
Voluntary Disclosure Programs- OVDP
The voluntary disclosure programs are part of a wider effort by the IRS to stop offshore tax evasion and ensure tax compliance. This includes beefed up enforcement, criminal prosecution and implementation of third-party reporting through the Foreign Account Tax Compliance Act.With new tax treaties being developed at a record pace more countries will be cooperating with the US to go after tax cheats.
Closed Loophole
The IRS also closed a loophole that’s been used by some taxpayers with offshore accounts. Under existing law, if a taxpayer challenges in a foreign court the disclosure of tax information by that government, the taxpayer is required to notify the U.S. Justice Department of the Appeal. This will raise some eyebrow, you think!
The IRS said that if the taxpayer fails to comply with this law and does not notify the U.S. Justice Department of the foreign appeal, the taxpayer will no longer be eligible for the Offshore Voluntary Disclosure Program .
The IRS also put taxpayers on notice that their eligibility for OVDP could be terminated once the U.S. government has taken action in connection with their specific financial institution.
This IRS program that helps bring people back into the tax system will be open for an indefinite period until otherwise announced.
The program is similar to the 2011 program in many ways, but with a few key differences. Unlike last year, there is no set deadline for people to apply.
However, the terms of the program could change at any time going forward. You should check with us for updates.
Offshore Penalty Raised
The offshore penalty has been raised to 27.5 percent from 25 percent in the 2011 program. The reduced penalty categories of 5 percent and 12.5 percent are still available.
OFFSHORE BANK ACCOUNTS – FORMER IRS, ATTORNEYS – EXPERTS, CONFIDENTIAL – IRS HELP – OVDP
