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Dec 29, 2011

2011 IRS Offshore Voluntary Disclosure Initiative Update: Beware Misapplication of Checks

Some Offshore Voluntary Disclosure Initiative (“OVDI”) Clients have sent us letters from the Internal Revenue Service (“IRS”) with the following language:

Dear X:

We have received a payment of $x from you but we do not know where to apply it.  

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Nov 08, 2011

Governor of Puerto Rico Signs Tax Amnesty Law

Governor Fortuno signed into law yesterday an amnesty for individuals or corporations who owe money to the Treasury Department of Puerto Rico.  The amnesty period extends to February 29, 2012. Affected taxpayers can settle taxes they owe free of interest and penalties if they pay on or before said date.  » Read More

Oct 24, 2011

IRS Offshore Voluntary Disclosure Program May Be Closed, But Taxpayers Still Have Options

The 2011 IRS Offshore Voluntary Disclosure Initiative (“2011 OVDI”) closed on September 9, 2011. The 2011 OVDI gave certain taxpayers the opportunity to come forward and report items of offshore income and file information returns, such as Reports of Foreign Bank and Financial Accounts (“FBARS”) in exchange for a streamlined penalty configuration.» Read More

Mar 09, 2011

Taxpayers Get Another Chance to Disclose Foreign Bank Accounts

On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative, which ends on August 31, 2011.  Participation in the program allows taxpayers to potentially avoid criminal investigation and fixes penalties at lower rates than those which would typically apply.» Read More

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