IRS Unveils New Offshore Voluntary Disclosure Initiative
On February 8, 2011, the Internal Revenue Service announced a new voluntary disclosure initiative designed to bring noncompliant US taxpayers with unreported offshore income and assets back into the fold. The 2011 Offshore Voluntary Disclosure Initiative (OVDI) follows on the heels of the 2009 Offshore Voluntary Disclosure Program (OVDP), which ran from March 23, 2009, to October 15, 2009, and brought in 15,000 voluntary disclosures. Since that time, more than 3,000 taxpayers have come forward with undisclosed bank accounts. These taxpayers will also be eligible to take advantage of the 2011 OVDI. Not surprisingly, the 2011 OVDI penalty structure is higher than that of the 2009 OVDP. Individuals are required to pay a penalty of 25 percent of the amount in the foreign bank accounts in the year with the highest aggregate account balance over the past eight years, plus back taxes and interest for the past eight years and accuracy-related and/or delinquency penalties. (The 2009 OVDP required six years of back taxes and a 20 percent penalty of the highest account balance in the foreign bank account.) In return, the IRS will forgo criminal prosecution and will not assert other civil penalties, including the FBAR penalty (which alone could exceed the value of the account). As under the 2009 OVDP, some taxpayers may be eligible for a reduced 5 percent penalty for inherited accounts...
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