To encourage taxpayers with assets in offshore accounts to bring their tax filing obligations current, the IRS has reopened its “offshore voluntary disclosure program.”
Similar programs in 2009 and 2011 resulted in the collection of more than $4.4 billion of taxes owed.
The new program has a few key differences from the previous two, including no deadline for applying and a top penalty increase from 25% to 27.5%. The IRS warns that the terms of the current program could be changed at any time.
If you have foreign accounts and need details or filing assistance, contact our office.