The IRS TODAY announced a New 2011 Voluntary Offshore Disclosure Program which will be available through August 31, 2011. It gives taxpayers who are hiding assets abroad, or not disclosing those assets on their tax returns as required by tax law , or those who failed to file the required forms disclosing their assets abroad a second chance to come out of the closet. The new program will give participants reduced penalties from those they would have paid if they did not enter the program. The new program's penalties however are in many circumstances higher than those charged participants in the 2009 Offshore Voluntary Disclosure Program which ended 10/15/09. Over 15,000 taxpayers participated in the original program and over 3,000 taxpayers have since that time have filed to disclose foreign bank accounts which had not previously been disclosed to the IRS.
Read more about the program here. Our firm counseled and represented many clients involved in the previous IRS Offshore Disclosure program with great results. Please contact us if you need assistance of an Attorney CPA with this New program. Anything you tell us is totally confidential under the attorney-client privilege rule.
2011 IRS Voluntary Offshore Disclosure Program Frequently Asked Questions and Answers
Read more about the program here. Our firm counseled and represented many clients involved in the previous IRS Offshore Disclosure program with great results. Please contact us if you need assistance of an Attorney CPA with this New program. Anything you tell us is totally confidential under the attorney-client privilege rule.
2011 IRS Voluntary Offshore Disclosure Program Frequently Asked Questions and Answers
