IRS Reports On The Success Of Its Voluntary Disclosure Programs

Since the initiation of the U.S.Internal Revenue Service's (IRS) Offshore Voluntary Disclosure Program  (OVDP) which originally began in 2009 and the Streamlined Filing Compliance Procedures first offered on September 1, 2012, the IRS recently reported that more than 54,000 taxpayers have come forward and the result is more than $8 billion in tax collections. 

The Streamlined Filing Compliance Procedures are available to both U.S. individual taxpayers residing outside the U.S. and U.S. individual taxpayers residing in the U.S. and is premised upon the failure to report all income, pay all tax and submit all required information returns, including FBARs (FinCEN Form 114) being due to non-willful conduct.