Thursday, September 15, 2011

Offshore Voluntary Disclosure Initiative Draws 12,000 Taxpayers

The Internal Revenue Service said in a news release (IR-2011-94announced Sept. 15 that his agency's program to encourage taxpayers to tell the government about their offshore assets has attracted 12,000 participants.

On top of that, IRS said it has garnered an additional $500 million in taxes and interest as down payments for the 2011 program, “a figure that will increase because it doesn't yet include penalties.”

The OVDI is the second time IRS has offered a set penalty structure and the chance to avoid criminal prosecution as an incentive for disclosure. The first such program drew 15,000 participants in 2009, with an extra 3,000 coming in after the program technically closed.

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