Transitioning From 2012 OVDP to Streamlined Compliance Procedures: Q & A
(1) What is the purpose of transitional treatment under OVDP? Transitional treatment under OVDP allows taxpayers currently participating in OVDP who meet the eligibility requirements for the expanded Streamlined Filing Compliance Procedures announced on June 18, 2014, an opportunity to remain in the OVDP while taking advantage of the favorable penalty structure of the expanded […]
Offshore Account Penalties to Double With Start of 2014 OVDP Program
On Wednesday, June 18, 2014, the IRS announced that it was trying to make it easier for taxpayers to come clean about offshore accounts. The Service made changes to two key programs – one intended for taxpayers that willfully sought to evade tax laws, and another for those that avoided taxes despite trying to comply […]