Overview
IRS Announces That Offshore Compliance Programs Have Generated More Than $8 Billion: In a press release issued today, the IRS announced that its Offshore Voluntary Disclosure Program (OVDP), which began in 2009, has led to more than 54,000 disclosures and generated more than $8 billion. OVDP enables taxpayers with exposure to potential criminal liability and/or substantial civil penalties to correct prior omissions and meet their federal tax obligations while mitigating the potential penalties of ongoing non-compliance. IRS Commissioner John Koskinen stated in the press release that “[p]eople with undisclosed foreign accounts should carefully consider their options and use available avenues, including the offshore program and streamlined procedures, to come back into full compliance with their tax obligations.”