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IRS Says Offshore Disclosures Have Netted USD8bn

by Mike Godfrey, Tax-News.com, Washington

19 October 2015


With more than 54,000 US taxpayers participating in the Offshore Voluntary Disclosure Program (OVDP) since 2009, the Internal Revenue Service (IRS) announced that it has collected more than USD8bn from this initiative to date.

The IRS added that more than 30,000 taxpayers have also used the streamlined filing compliance procedures to come back into compliance with US tax laws. Two-thirds of these have used the procedures since the IRS expanded the eligibility criteria in June 2014.

Both the OVDP and the streamlined procedures enable taxpayers to correct prior omissions and regularize their affairs while mitigating penalties.

"The groundbreaking effort around automatic reporting of foreign accounts has given us a much stronger hand in fighting tax evasion," said IRS Commissioner John Koskinen. "People with undisclosed foreign accounts should carefully consider their options and use available avenues, including the OVDP and streamlined procedures, to come back into full compliance with their tax obligations."

TAGS: compliance | tax | tax compliance | law | banking | Internal Revenue Service (IRS) | tax authority | offshore | offshore banking | United States | penalties

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