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A second (and perhaps final) chance to come clean with offshore accounts

from IRS 2011 Offshore Voluntary Disclosure Initiative

Brian J. Crepeau, Esq., CPA and Caroline D. Ciraolo, Rosenberg, Martin, Greenberg, LLP

Following on the success of the 2009 Offshore Voluntary Disclosure Program (2009 OVDP), which brought in 15,000 taxpayers with accounts in more than 60 countries, on Feb. 8 the IRS announced a second -- and perhaps final -- opportunity to come forward with undisclosed offshore accounts. The 2011 Offshore Voluntary Disclosure Initiate (2011 OVDI) ends Aug. 31 and imposes rigid requirements that must be met prior to the deadline. more

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