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ARTICLE · 15 AUGUST 2012

Offshore Disclosure Program Makes A Third Go-Round

Duane Morris LLP
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After two successful offshore voluntary disclosure programs, the IRS on Jan. 9 announced a new 2012 Offshore Voluntary Disclosure Program (2012 OVDP).

United StatesWealth Management
Duane Morris
Duane Morris
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After two successful offshore voluntary disclosure programs, the IRS on Jan. 9 announced a new 2012 Offshore Voluntary Disclosure Program (2012 OVDP). Under the previous two programs, the 2009 Offshore Voluntary Disclosure Program (2009 OVDP) and the 2011 Offshore Voluntary Disclosure Initiative (2011 OVDI), which closed on Sept. 9, 2011, the IRS received over 33,000 disclosures and collected more than $4.4 billion in taxes and penalties (IR-2012-5).

Update of Frequently Asked Questions

On June 26, 2012, the IRS released IR-2012-64, announcing the release of updated frequently asked questions (FAQs) on the IRS website to provide guidance for the 2012 OVDP, and IR-2012-65, which announced new procedures for U.S. taxpayers living abroad who have failed to timely file returns with respect to foreign accounts or FBARs.

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