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US Offshore Disclosure Revenue Exceeds USD10bn

by Scott Hamilton,, Washington

24 October 2016

With 55,800 taxpayers participating in the US Offshore Voluntary Disclosure Program (OVDP) since 2009, the Internal Revenue Service (IRS) announced that it has collected more than USD9.9bn in taxes, interest, and penalties from the initiative to date.

The IRS added that another 48,000 taxpayers have used the streamlined filing compliance procedures to correct prior non-willful omissions and meet their federal tax obligations, paying approximately USD450m in taxes, interest, and penalties.

Both the OVDP and the streamlined procedures enable taxpayers with undisclosed income from foreign financial accounts and assets to correct prior omissions and regularize their affairs while mitigating penalties.

"The IRS has passed several major milestones in our offshore efforts, collecting a combined USD10bn with 100,000 taxpayers coming back into compliance," said IRS Commissioner John Koskinen. "As we continue to receive more information on foreign accounts, people's ability to avoid detection becomes harder and harder. The IRS continues to urge those people with international tax issues to come forward to meet their tax obligations."

In addition to the OVDP and the streamlined procedures, the IRS noted that, under the Foreign Account Tax Compliance Act and the network of inter-governmental agreements between the United States and partner jurisdictions, automatic third-party account reporting has entered its second year.

More information has also continued to be gathered by the IRS as a result of the Department of Justice's Swiss Bank Program. As part of a series of non-prosecution agreements, the participating banks have continued to provide information on potential non-compliance by US taxpayers.

TAGS: individuals | compliance | tax | tax compliance | law | Internal Revenue Service (IRS) | enforcement | tax authority | agreements | United States | penalties | Compliance | Tax

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