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ARTICLE · 16 JULY 2012

2012 Offshore Voluntary Disclosure Program FAQs And Compliance Plan For U.S. Citizens Residing Overseas

Duane Morris LLP
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On June 26, 2012, the Internal Revenue Service (IRS) announced that its 2009 and 2011 offshore voluntary disclosure programs have generated more than $5 billion in revenue for the U.S. Treasury and released new FAQs with details regarding a new 2012 offshore voluntary disclosure program (OVDP) announced in January 2012, including tightening the eligibility requirements.

United StatesTax
Thomas Ostrander
Thomas Ostrander
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On June 26, 2012, the Internal Revenue Service (IRS) announced that its 2009 and 2011 offshore voluntary disclosure programs have generated more than $5 billion in revenue for the U.S. Treasury and released new FAQs with details regarding a new 2012 offshore voluntary disclosure program (OVDP) announced in January 2012, including tightening the eligibility requirements.

According to IRS Commissioner Doug Shulman, the IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the first two programs. In addition, another 1,500 disclosures have been made already under the new 2012 program announced in January.

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