Daily Tax Update - October 21, 2016: IRS Offshore Voluntary Compliance Efforts Result in Collection of More Than $10 Billion

IRS Offshore Voluntary Compliance Efforts Result in Collection of More Than $10 Billion:  In a news release, the IRS stated that updated data shows 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program to resolve their tax obligations, paying more than $9.9 billion in taxes, interest, and penalties since 2009.  In addition, the Streamlined Filing Compliance Procedures have resulted in the submission of more than 96,000 delinquent and amended income tax returns from 48,000 taxpayers using these procedures to correct prior non-willful omissions, with such taxpayers paying approximately $450 million in taxes, interest, and penalties. 

IRS Announces Relief for Victims of Hurricane Matthew:  The IRS released an announcement providing relief to taxpayers who have been adversely affected by Hurricane Matthew and who have retirement assets in qualified employer plans that they would like to use to alleviate hardships caused by Hurricane Matthew.  In addition, the announcement provides relief from certain verification procedures that may be required under retirement plans with respect to loans and hardship distributions.