IRS COMMISSIONER ANNOUNCES POSSIBLE NEW OFFSHORE DISCLOSURE PROGRAM

The IRS Commissioner has announced the IRS is considering  instituting a new Offshore Disclosure Program which will allow taxpayers with offshore assets, etc. to come forward and not risk criminal prosecution and impose lower penalties for their previous failure to report or disclose foreign assets, or file certain required forms for foreign corporations, bank and financial accounts, foreign trusts, partnerships, etc.  He did state that the terms of that possible new program would not be as favorable as the previous six month program which expired October 15, 2009, in which approximately 15,000 taxpayers came forward and entered the program.