IRS Announced the Reopening of its Offshore Voluntary Disclosure Program

On January 9, 2012, the IRS announced the reopening of its offshore voluntary disclosure program (now in its third iteration) to assist people who have been hiding offshore accounts in becoming compliant with their tax liabilities.

The 2012 offshore voluntary disclosure initiative (OVDI) offers reduced penalties for a taxpayer who failed to report non-us financial accounts and assets on an FBAR (IRS form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts") and who failed to report income from those accounts and assets on his or her us income tax returns, but who comes forward before the IRS identifies them.

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