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IRS Offers a Temporary Reduced Penalty Structure for Voluntary Disclosure of Offshore Accounts |
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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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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