TAX NEWS

IRS Announces Second Voluntary Disclosure Initiative

February 14, 2011

The IRS has announced a second special voluntary disclosure initiative for U.S. taxpayers with money in undisclosed offshore banking accounts. The initiative, which is available only through August 31, 2011, is aimed at bringing offshore money back into the U.S. tax system.

Following the 2009 Offshore Voluntary Disclosure Program (OVDP), the IRS decided to open a second initiative, called the 2011 Offshore Voluntary Disclosure Initiative (OVDI). The new initiative imposes a higher penalty structure than the original program, but still allows taxpayers to avoid the much higher penalties, and potential criminal prosecution, they would otherwise incur upon IRS detection.

According to IRS Commissioner Doug Shulman, “As we continue to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing. This new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them.”

Under the new initiative, taxpayers will pay a 25% penalty on the accounts, although some taxpayers will qualify for lower penalty rates of 5% and 12.5%. They will also have to pay back-taxes and interest, as well as any penalties for delinquency or inaccuracy.

Taxpayers who wish to participate in the new initiative must file all original and amended tax returns by August 31, 2011, along payment for taxes, interest, and any penalties.

HELP IS AVAILABLE TO YOU ...

I understand how a tax problem can take hold of your life and affect your ability to sleep at night. If you are serious about resolving your tax problem, I can help you. Please call me, San Diego tax attorney Richard Carpenter, at (619) 696-8607 to discuss your tax situation in complete confidence. Put my 28 years of tax law experience to work for you.

Hire A "Super Lawyer" To Resolve Your Tax Problems.
__________________________________________________  
 

RICHARD CARPENTER SAN DIEGO TAX ATTORNEY 406 Ninth Ave., Suite 213 San Diego, CA 92101 --------------

TELEPHONE: 619/696-8607
FAX: 619/696-0126
E-MAIL: rc4taxlaw@aol.com *
 
I accept all major credit cards.

 
*Please click and read "Terms of Use"