News & Insights: paul bercovici
IRS Announces Termination of 2014 Offshore Voluntary Disclosure Program
By Paul Bercovici | March 19, 2018
On March 13, 2018, the IRS announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018. This program allows U.S. taxpayers who failed to report certain offshore assets - and/or the income derived from such assets - to voluntarily come into compliance with U.S. tax laws and generally avoid criminal prosecution in exchange for payment of an offshore penalty.
Tax Act puts onus on Americans to do the right thing
By Paul Bercovici | August 8, 2017
IRS Announces Major Changes Regarding Offshore Voluntary Disclosures
By Paul Bercovici | June 30, 2014
On June 18, 2014, the IRS announced significant changes to the 2012 Streamlined Program and to the 2012 Offshore Voluntary Disclosure Program. The changes to the terms of the 2012 Streamlined Program and the 2012 Offshore Voluntary Disclosure Program are designed to encourage more taxpayers who have failed to report income from offshore assets to voluntarily come forward to report the existence of such offshore assets and the income derived therefrom. According to the IRS, approximately 45,000 taxpayers have voluntarily disclosed the existence of such accounts under the terms of the various iterations of the offshore voluntary disclosure program that was first announced in 2009, and that such disclosures have resulted in the collection of approximately $6.5 billion in taxes, interest and penalties.