Monday, October 24, 2016

IRS Nets $10 Billion From > 100,000 Taxpayers in the OVDP Programs

The IRS in news release IIR 2016-137 highlighted the accomplishments of its Offshore Voluntary Disclosure Program (OVDP) and encouraged taxpayers with undisclosed offshore accounts to come into compliance with the federal tax obligations. The OVDP and streamlined compliance programs have been used to bring over 100,000 taxpayers into compliance and have brought in over $10 billion in taxes, interest, and penalties.
In IR 2016-137, IRS stated that: 
  • 55,800 taxpayers have used the OVDP to resolve their tax obligations, paying more than $9.9 billion in taxes, interest, and penalties since 2009.
  • In addition, 48,000 taxpayers have used separate streamlined filing procedures to correct prior non-willful omissions and meet their federal tax obligations, paying approximately $450 million in taxes, interest, and penalties.
Combined, this adds up to over $10 billion collected and over 100,000 taxpayers coming into compliance.
“As We Continue to Receive More Information on Foreign Accounts, People's Ability to Avoid Detection Becomes
Harder and Harder,” said IRS Commissioner John Koskinen. “
The IRS continues to urge those people with international tax issues to come forward to meet their tax obligations.”

Form Updates

The IRS recently revised the certification forms used for the Streamlined Filing Compliance Procedures. The most current versions of Forms 14653 and 14654 are available on

OVDP Hotline

Commonly used telephone numbers relating to the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures have also changed.

The new phone number for the OVDP Hotline is 1 (267) 466-0020. Taxpayers or their representatives with procedural questions concerning the OVDP or the Streamlined Filing Compliance Procedures should use this new telephone number for the OVDP Hotline.

The Criminal Investigation Lead Development Center (LDC) has a new fax number. LDC’s new fax number is 1 (267) 466-1115. Taxpayers or their representatives wishing to fax preclearance requests to the LDC should use this new fax number. Additionally, taxpayers or their representatives with questions concerning preclearance should call Criminal Investigation at 1 (267) 466-1607.
Do You Have Undeclared Offshore Income?
Is Your Name Being Handed Over to the IRS?
Want to Know if the OVDP Program is Right for You?
Contact the Tax Lawyers at 
Marini& Associates, P.A.  
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243

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