The IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) for offshore bank account holders. This is a significant opportunity for California taxpayers with hidden overseas accounts to disclose these accounts to the IRS and avoid the possible criminal tax evasion penalties that are typically associated with offshore accounts.
Contact an experienced California offshore bank account lawyer if you have bank accounts overseas that have gone unreported to the IRS. An attorney who exclusively practices tax law and is experienced in tax evasion defense can assist taxpayers with their accounts and make sure that their exposure to penalties is minimized.
The IRS reportedly collected over $4.4 billion from the 2011 and 2009 programs and expects even more revenue from the 2012 program. IRS Commissioner Doug Shulman recently noted the success of the past disclosure programs and expressed his hopes for the 2012 program.
"We have billions of dollars in hand from our previous efforts, and we have more people wanting to come in and get right with the government," Shulman said. "This new program makes good sense for taxpayers still hiding assets overseas and for the nation's tax system."
The last disclosure program ended in September and the 2012 program is open for an indefinite amount of time because of the strong interest shown by taxpayers. Although there is no deadline for the most recent OVDP program, it is important not to delay in contacting an attorney to handle your case. The terms of the 2012 OVDP program can change at any time and the IRS has the ability to increase penalties for some taxpayers or abruptly end the program at any time.
"As we've said all along, people need to come in and get right with us before we find you," IRS Commissioner Doug Shulman said. "We are following more leads and the risk for people who do not come in continues to increase."
Source: IRS, "IRS Offshore Programs Produce $4.4 Billion To Date for Nation's Taxpayers; Offshore Voluntary Disclosure Program Reopens," IR-2012-5, Jan. 9, 2012