IRS Reopens Offshore Voluntary Disclosure Initiative

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

IRS announces that it is reopening its special program to allow taxpayers to disclose their offshore assets to the government for a third time, winning praise from practitioners who said this would encourage more people to come forward as investigations of foreign banks continue. The agency also announces it has collected $4.4 billion in assets from the previous two programs, and says there has been continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. IRS says the third Offshore Voluntary Disclosure Initiative comes as the agency continues working on a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion.