New Amnesty Voluntary Disclosure Program Will Be Based On The Former Disclosure Program
Posted in Offshore Account Update on January 5, 2011 | Share
The IRS is currently mulling over the idea of reintroducing a new Amnesty Voluntary Disclosure Program, based on the former disclosure program which originally ran from March to October of 2009. The original program helped generate over 15,000 Voluntary Disclosures from U.S. citizens who failed to report taxes from offshore accounts and then produced another 3,000 disclosures after the program’s amnesty time period had closed. IRS Commissioner Doug Shulman firmly stands behind the belief that the IRS will reopen a new Voluntary Disclosure Program.
Taxing authorities have found this program to be beneficial due to the generation of new information provided by the disclosures which can offer the IRS leads to other offshore accounts, based in areas such as Asia and the Middle East; these leads help to extend their investigative focus. Moreover, those who apply for the Voluntary Disclosure program benefit from lesser tax penalties when brought into compliance.
The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance, one way or another. With the strong potential of a new Voluntary Disclosure Program to be implemented, this is another opportunity for those U.S. clients who have not already disclosed their foreign bank accounts to come forward and minimize any criminal liability.
Stay tuned to see if another Amnesty Program will be offered by the IRS!
If you have an undisclosed offshore account contact Thorn Law Group today. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.