What’s next for voluntary disclosure?

Now that the voluntary disclosure programs (OVDI / VDP) have ended, tax professionals are wondering what’s going to happen next. With OVDI participants facing stiff penalties, the IRS must either increase penalties for voluntary disclosers going forward or risk angering participants who will rightfully feel that they were deliberately entrapped by unfulfilled promises of leniency. Continue reading

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New TAS report condemns IRS conduct on OVDP

The Taxpayer Advocate Service (TAS) is, according to its tagline, “your voice at the IRS.” It’s a government body tasked with ensuring fairness and proper conduct from the Internal Revenue Service. Continue reading

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Yet another article demonizes those trapped in the FATCA nightmare

David Voreacos has written an article hailing the success of the IRS’s charges against banks like UBS (which has made it nearly impossible for expats living in Switzerland to find banks willing accept them as customers). Continue reading

Posted in FATCA, OVDI / OVDP | Tagged , , , | 4 Comments

TIGTA report finds IRS’s voluntary disclosure practices “effective”

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that nearly half of their absurdly small sample size of closed cases were improperly transcribed, and the review itself suffered from several fatal flaws. Despite this, TIGTA has declared the 2009 Offshore Voluntary Disclosure Initiative (OVDI) a success. Continue reading

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