New IRS Offshore Voluntary Disclosure Program for US Taxpayers with Undisclosed Offshore Accounts for 2012 (3rd Program in last three years)
On January 9, 2012 the IRS reopened its Offshore Voluntary Disclosure Program (OVDP) to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance. The renewal of the program was in response to continuing interest from U.S. taxpayers after the 2009 and 2011 programs ended.
The program is similar to the 2011 program, and the overall penalty structure for the new program is similar to the prior structure with a few key differences.
The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2012 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!