If you are still fretting over undisclosed foreign bank accounts, consider the IRS voluntary disclosure program.
FORBES: IRS Can Make You Produce Offshore Bank Records Even If Self-Incriminating
This kind of development should make the IRS voluntary disclosure program even more attractive.
FORBES: IRS Can Make You Produce Offshore Bank Records Even If Self-Incriminating
It turns out that over 120 FCIB account holders stepped forward under the IRS voluntary disclosure program.
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More recently, the IRS has started another prepackaged voluntary disclosure program in 2011.
FORBES: IRS Foreign Account Disclosure: What About The States?
After the expiration of that program, the IRS has created a new voluntary disclosure program, with increased penalties, in order to force some of the stragglers to cooperate.
Many states offer a variation on a Voluntary Disclosure Program, which allows taxpayers to abate penalties if they come forward to offer new information about existing tax liabilities.
One special IRS voluntary disclosure program expired October 15, 2009.
The report goes on the detail other taxpayer concerns including taxpayer identity theft, tax return preparer fraud, high rates of targeted audits and problems with the Offshore Voluntary Disclosure program.
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The IRS has announced that if you fail to notify the Justice Department of a foreign appeal as required, you will not be eligible for the Offshore Voluntary Disclosure Program (OVDP).
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In April, the IRS wrapped up a special voluntary disclosure program in which taxpayers could avoid penalties by disclosing their participation in a shelter and handing over the material they received from promoters.
Some have gone so far as to suggest that Governor Romney may have failed to disclose that account on his original returns and cured that deficiency by participating in the 2009 IRS Offshore Voluntary Disclosure Program.
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On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI) following on the success of the 2009 Offshore Voluntary Disclosure Program (OVDP), which was announced many years after the 2003 Offshore Voluntary Compliance Initiative (OVCI) and the 2003 Offshore Credit Card Program (OCCP).
FORBES: D��j�� vu--Yet Another IRS FBAR Voluntary Disclosure Initiative
Yes, many Americans have cheated by hiding income and assets in tax havens offshore, but they are now getting busted by the IRS. The U.S. Foreign Account Tax Compliance Act (FATCA) will force foreign banks to divulge information regarding their U.S. clients, and many offshore tax cheats are considering the extended IRS voluntary disclosure program (see details below).
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However, one can make a voluntary disclosure even without a special program.
The IRS has had a general program of voluntary disclosure for decades as well as various programs aimed at assessing particular tax issues.
FORBES: IRS Foreign Account Disclosure: What About The States?
The IRS is currently offering a limited amnesty program for taxpayers who are not compliant, the 2011 Offshore Voluntary Disclosure Initiative (OVDI).
The IRS seems to be pulling out the stops to encourage more taxpayers to come clean and join its 2011 offshore voluntary disclosure initiative by the Aug. 31, 2011 deadline. (See our original blog detailing the program.) These filings are very complex and have many unintended consequences.
FORBES: IRS Goes Kinder And Gentler In Disclosure Initiative, Still Has Fangs
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