IRS Voluntary Disclosure

The 2009 Offshore Voluntary Disclosure Program ended on Oct. 15, 2009.

 

2011 Offshore Voluntary Dislcosure Initiative was announced on Feb. 8 and rand through Aug. 31, 2011.

 

Taxpayers with unreported income relating to offshore transactions who wish to voluntarily disclose the information to the IRS can find information on the process.

 

The 2009 Offshore Voluntary Disclosure Program ended on Oct. 15, 2009.

 

2011 Offshore Voluntary Dislcosure Initiative was announced on Feb. 8 and ran through Aug. 31, 2011.

 

This is a continuation of the program's modified terms introduced in 2012. The modifications are effective on July 1, 2014.

 

A 50% offshore penalty applies if either a foreign financial institution at which the taxpayer has or had an account or a facilitator who helped the taxpayer establish or maintain an offshore arrangement has been publicly identified as being under investigation or as cooperating with a government investigation. 

Streamlined Filing Compliance

Eligibility criteria for the streamlined procedures

Designed only for individual taxpayers, including estates of individual taxpayers.

 

Available to both U.S. individual taxpayers residing outside the United States and U.S. individual taxpayers residing in the United States.

 

Streamlined Foreign Offshore Procedures 

 

Streamlined Domestic Offshore Procedures

 

Taxpayers must certify that conduct was not willful. Taxpayers using either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, will be required to certify, in accordance with the specific instructions set forth below, that the failure to report all income, pay all tax and submit all required information returns, including FBARs (FinCEN Form 114, previously Form TD F 90-22,1) was due to non-willful conduct.  

 

Taxpayers who are concerned that their failure to report income, pay tax, and submit required information returns was due to willful conduct and who therefore seek assurance that they will not be subject to criminal liability and/or substantial monetary penalties should consider participating the Offshore Voluntary Disclosure Program.