Norris McLaughlin & Marcus, P.A.

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IRS Announces 2012 Offshore Disclosure Program

Posted on March 15th, 2012 | Author: Norris McLaughlin & Marcus

In April and August of 2011, we published alerts on the 2011 Offshore Voluntary Disclosure Initiative (“2011 OVDI”) offering eligible taxpayers a uniform, streamlined and predictable process permitting them to come into compliance with United States income tax laws concerning offshore accounts and offshore entities. The 2011 OVDI followed the IRS 2009 Offshore Voluntary Disclosure Program (“2009 OVDP”) and provided a detailed form of guidance in a question and answer publication (“2011 Q and A”). Fast forward to 2012, where, on January 9, the IRS announced its third initiative in this arena, the 2012 OVDP. To read the rest of the alert, click here (PDF).