Offshore Voluntary Disclosure Initiative Offshore Voluntary Disclosure Initiative News and Information

The IRS has created the Offshore Voluntary Disclosure Initiative to allow anyone who has offshore banking activity to come on their own to disclose it to the IRS and to pay taxes and penalties on it. Not participating in the Initiative could result in thousands of dollars in penalties alone and criminal charges being filed [...]

If you have offshore financial activity, the Internal Revenue Service (IRS) asks that you come forward with voluntary disclosure of this information. Taxes are required to be paid on the activity and coming to the IRS voluntarily eases much of the pain on both sides to get the taxes paid and the matter closed. This [...]

The IRS has created the Offshore Voluntary Disclosure Initiative for all taxpayers who have offshore accounts. It allows them to report to the Internal Revenue Service (IRS) financial activity and pay the appropriate fees without having to face high penalties and criminal charges. If you have any offshore activity, then you are asked to participate [...]

IRS Scrutiny The loss of revenue with no one deciding to give voluntary disclosure along with the difficulty in capturing illegal activities brought offshore banking under the direct eye of the IRS. The argument was that taxpayers were hiding money. This doesn’t sit well with the IRS. The agency began to look closely at those [...]