I.R.S. Revives Voluntary Disclosure Program for Offshore Accounts

At the beginning of last year we reported on our blog about the amnesty program of the Internal Revenue Service (I.R.S.) for offshore accounts. Yesterday, the I.R.S. announced that it would revive its so-called voluntary disclosure program for offshore accounts. The I.R.S. collected $4.4 billion in two previous programs

The program’s revival is part of the government’s efforts to track down and prevent tax evasion around the world. Program participants will pay as much as 27.5 percent of their most valuable offshore assets or their biggest overseas bank account. They also must disclose the banks and advisers that helped them escape United Sates tax laws.

According to I.R.S. commissioner, Douglas H. Shulman, 33,000 disclosures were made in the two previous versions of the voluntary program. An effort that began in 2009 resulted in $3.4 billion in collections. The second program in 2011 yielded about $1 billion for the I.R.S., and Mr. Shulman said he expected that amount to rise.

Unlike in the previous programs, the I.R.S. this time is not specifying a deadline for disclosing assets. It said the program would remain open “for an indefinite period.”

To read the full article, please click here.

(c) Picture: freedigitalphotos.net

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Reinhard von Hennigs