IRS’s 2011 OVDI (Offshore Voluntary Disclosure Initiative)

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As many of you are already aware the Internal Revenue Service has launched (February 2011) a new Offshore Voluntary Disclosure Initiative. This initiative is similar to the 2009 Voluntary Disclosure Initiative, however some changes have been made. First, the IRS is has increased the non-disclosure penalty on the TDF 90-22.1 late filings to 25% and they have introduced reduced penalties of 12.5% and 5% for taxpayers that meet certain criteria.

For more information please contact Phil Hogan at 250-381-2400 or visit here.

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If you would like to reach me to discuss a tax or accounting matter please call 250-381-2400 or email me at phil@hutcheson.ca.

The accounting and tax information provided on this website is for informational purposes only and does not represent binding professional advice. Appropriate tax treatment and advice will depend on an individuals particular circumstances and set of facts.

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