“This initiative offers clear benefits to encourage taxpayers to come in now rather than risk IRS detection. US taxpayers hiding assets offshore who do not come forward will face far higher penalty scenarios as well as the possibility of criminal prosecution.”
IRS News Release IR-2011-14
February 8, 2011
In its February 8, 2011 news release, the US IRS announced an Offshore Voluntary Disclosure (OVD) initiative that allows US taxpayers who have any hidden income from undisclosed offshore bank accounts or other assets to come forward voluntarily and report their previously undisclosed foreign accounts and assets, and pay the related delinquent taxes.
This new OVD initiative is a sequel to the 2009 offshore disclosure program and is available only through August 31, 2011.
The OVD initiative levies a 25% penalty on the highest aggregate balance in the taxpayer’s previously unreported foreign bank accounts or foreign assets during the period covered by the initiative (tax years 2003 through 2010). This 25% penalty is a 5% increase over that offered under the 2009 offshore disclosure program, so that taxpayers who did not disclose under the 2009 program will not be rewarded for not doing so.
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