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Voluntary Compliance Program

Numbers Rolling in for Offshore Amnesty

17 October 2009

Tweet The IRS amnesty program for taxpayers who had previously failed to disclose income from offshore accounts ended last week on October 15. By all accounts, it was wildly successful. According to IRS Commish Doug Shulman, nearly 7,500 taxpayers came forward to make voluntarily disclosures in hopes of avoiding criminal prosecutions. Dollar amounts ranged from [...]

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Voluntary Disclosure Program Ends Thursday

13 October 2009

Tweet The voluntary disclosure program which allows US taxpayers to avoid criminal prosecution for not reporting foreign accounts ends on Thursday. No, you’re not reading an old post. The amnesty deadline was extended last month from September 23 to Thursday, October 15. How successful is the program? It’s estimated that between 3,000 and 4,000 taxpayers [...]

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No UBS Settlement So Far

8 August 2009

Tweet Despite wide rumors that UBS might settle with the US government, there was no movement on the matter. The case, brought by the US government, focuses on the release of names of more than 50,000 US taxpayers who might have hidden assets in Switzerland for the purpose of evading tax. This time it is [...]

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Is UBS About to Name Names?

30 July 2009

Tweet Rumors have been swirling for months that a settlement between UBS and the Justice Department would be announced in mid-July. Specifically, The New York Times had implied that the feds were backing off demands for the Swiss bank to release the names of more than 50,000 Americans with secret accounts. The idea that no [...]

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UK Tries Out Amnesty for Offshore Accounts

29 July 2009

Tweet In an effort to recover income from funds that might have been hidden offshore, the US introduced a Voluntary Compliance Program that offers reduced civil penalties and no criminal penalties. At the time, IRS Commission Doug Shulman described the program as stating: The goal is to have a predictable set of outcomes to encourage [...]

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