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IRS Offshore Compliance: New Stats Indicate a Slow in OVDP Submissions

In International Tax, Offshore Tax, OVDP by Jason FreemanLeave a Comment

The IRS has announced updated statistics for its two primary offshore compliance programs: The Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures.  And the new data tells an interesting story.  All told, some 55,800 taxpayers have now come into the OVDP, paying in more than $9.9 billion in taxes, interest and penalties since the 2009 version of the …

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Government Report Finds that Improvements are Needed in the Offshore Voluntary Disclosure Program

In International Tax, Offshore Tax, OVDP by Jason FreemanLeave a Comment

TIGTA initiated an audit to assess how well the IRS is managing the OVDP.  TIGTA specifically looked into the IRS’s efforts to improve taxpayer compliance and to hold accountable taxpayers who fail to report their offshore financial activities on their tax returns or on a Report of Foreign Bank and Financial Accounts (FBAR).  In a report released this summer, TIGTA …