J*****i
发帖数: 2622 | 1 ***It is still very expensive if you choose to go forward (more expensive if
got caught). If the offshore balance is substantial, don't do anything
without talking to an CPA/tax attorney first.***
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Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets
Offshore Face Aug. 31 deadline
WASHINGTON — The Internal Revenue Service announced today a special
voluntary disclosure initiative designed to bring offshore money back into
the U.S. tax system and help people with undisclosed income from hidden
offshore accounts get current with their taxes. The new voluntary disclosure
initiative will be available through Aug. 31, 2011.
“As we continue to amass more information and pursue more people
internationally, the risk to individuals hiding assets offshore is
increasing,” said IRS Commissioner Doug Shulman. “This new effort gives
those hiding money in foreign accounts a tough, fair way to resolve their
tax problems once and for all. And it gives people a chance to come in
before we find them.”
The IRS decision to open a second special disclosure initiative follows
continuing interest from taxpayers with foreign accounts. The first special
voluntary disclosure program closed with 15,000 voluntary disclosures on Oct
. 15, 2009. Since that time, more than 3,000 taxpayers have come forward to
the IRS with bank accounts from around the world. These taxpayers will also
be eligible to take advantage of the special provisions of the new
initiative.
“As I’ve said all along, the goal is to get people back into the U.S. tax
system,” Shulman said. “Combating international tax evasion is a top
priority for the IRS. We have additional cases and banks under review. The
situation will just get worse in the months ahead for those hiding assets
and income offshore. This new disclosure initiative is the last, best chance
for people to get back into the system.”
The new initiative announced today – called the 2011 Offshore Voluntary
Disclosure Initiative (OVDI) -- includes several changes from the 2009
Offshore Voluntary Disclosure Program (OVDP). The overall penalty structure
for 2011 is higher, meaning that people who did not come in through the 2009
voluntary disclosure program will not be rewarded for waiting. However, the
2011 initiative does add new features.
For the 2011 initiative, there is a new penalty framework that requires
individuals to pay a penalty of 25 percent of the amount in the foreign bank
accounts in the year with the highest aggregate account balance covering
the 2003 to 2010 time period. Some taxpayers will be eligible for 5 or 12.5
percent penalties. Participants also must pay back-taxes and interest for up
to eight years as well as paying accuracy-related and/or delinquency
penalties.
Taxpayers participating in the new initiative must file all original and
amended tax returns and include payment for taxes, interest and accuracy-
related penalties by the Aug. 31 deadline.
The IRS is also making other modifications to the 2011 disclosure initiative
.
Participants face a 25 percent penalty, but taxpayers in limited situations
can qualify for a 5 percent penalty.
The IRS also created a new penalty category of 12.5 percent for treating
smaller offshore accounts. People whose offshore accounts or assets did not
surpass $75,000 in any calendar year covered by the 2011 initiative will
qualify for this lower rate.
The 2011 initiative offers clear benefits to encourage taxpayers to come in
now rather than risk IRS detection. Taxpayers hiding assets offshore who do
not come forward will face far higher penalty scenarios as well as the
possibility of criminal prosecution.
“This is a fair offer for people with offshore accounts who want to get
right with the nation’s taxpayers,” Shulman said. “This initiative offers
them the chance to get certainty about how their case will be handled. Just
as importantly, those who truly come in voluntarily can avoid criminal
prosecution as well.”
The IRS is handling processing of the voluntary disclosures in centralized
units to more efficiently process the applications.
The IRS will also launch a new section on www.IRS.gov that includes the full
terms and conditions on the 2011 Offshore Voluntary Disclosure Initiative,
including an extensive set of questions and answers to help taxpayers and
tax professionals. The web site also includes details on how people can make
a voluntary disclosure.
In the first voluntary disclosure program in 2009, taxpayers faced up to a
20 percent penalty covering up to a six-year period. Taxpayers came forward
with about 15,000 voluntary disclosures in that effort covering banks in
more than 60 countries.
Shulman said IRS efforts in the international arena will only increase as
time goes on.
“Tax secrecy continues to erode,” Shulman said. “We are not letting up on
international tax issues, and more is in the works. For those hiding cash
or assets offshore, the time to come in is now. The risk of being caught
will only increase.” |
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