${site.data.firmName}${SEMFirmNameAlt}
A Global Tax Law Firm
954-900-9107

IRS Commissioner's Remarks at Conference Hint at OVDP Changes

Koskinen.jpgSpeaking at an International Tax conference recently, the commissioner of the Internal Revenue Service implied that changes might be in the works for the agency's offshore voluntary disclosure program (OVDP). The changes, if created, would be an important breakthrough for certain expats, who have been living (and banking) overseas for years, or even decades, since the changes potentially would allow them to come into compliance without facing the same sort of punitive penalties imposed on US citizens whose non-compliance was willful.

At the conference, Commissioner John Koskinen touted the success of the 2012 OVDP and the previous OVDPs before it. The OVDPs have yielded more than $6 billion in taxes, interest, and penalties from 43,000 voluntary disclosures. The IRS has received considerable negative feedback, however, on one element of the disclosure program: its uniform approach to penalizing taxpayers, regardless of whether their noncompliance was willful or not.

Now the agency is considering whether a change in focus and penalty structures might improve the OVDP. The IRS is assessing whether prior OVDPs failed to take into adequate consideration US citizens, mostly Americans living abroad, who were not compliant but whose noncompliance was not willful.

No Comments

Leave a comment
Comment Information
  1. AVVO Client Choice
  2. AVVO Avvo Rating
  3. AV Preeminent
  4. BBB | Accredited Business BBB Rating: A+
  5. Rated by Super Lawyers | Christin M. Bucci | SuperLawyers.com
  6. ABA
  7. Florida institute of certified public accountants | CPA
  8. The Florida Bar | 1950
  9. Seal of the Supreme Court of the United States of America
  10. United States Tax Court
  11. The Ohio Society of CPAS | CPA
  12. AICP
  13. Avvo | Clients Choice  Award 2012 | Christin Marie Bucci | Five Stars
  14. Reviews | Five Stars | out of 16 reviews | Christin Marie Bucci | Avvo
  15. Avvo Rating 10.0 | Christin Marie Bucci | Top Attorney
Bucci Law Offices

Fort Lauderdale Office
2600 North Andrews Avenue
Fort Lauderdale, FL 33311

Toll Free: 800-743-4263
Phone: 954-900-9107
Fax: 954-764-4401
Fort Lauderdale Law Office Map

Miami Beach Office
1130 Washington Avenue
3rd Floor, Suite B
Miami Beach, FL 33139

Toll Free: 800-743-4263
Phone: 305-340-2275
Miami Beach Law Office Map

Email Us For A Response

Get Help With Your Tax Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy