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IRS Offers a Temporary Reduced Penalty Structure for Voluntary Disclosure of Offshore Accounts by Michelle Ferreira
Holme Roberts & Owen LLP - San Francisco Office
Travis Logghe
Holme Roberts & Owen LLP - Denver Office
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August 20, 2009
Previously published on May 20, 2009
Commissioner Shulman's goal not only echoes the long-standing position of the IRS, it has been pursued ambitiously in the IRS's recent effort to crack down on U.S. taxpayers hiding assets overseas. Fortunately for taxpayers, the IRS has recently implemented new disclosure guidelines and a penalty structure intended to encourage taxpayers to voluntarily disclose U.S. assets held in offshore accounts. The program offers those who comply the chance to avoid criminal prosecution and a barrage of significant penalties.
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