This post updates and rehashes my earlier post on the 2011 Offshore Voluntary Disclosure “Initiative.” The initiative is now a “Program” with no stated deadline. As of this date, the IRS has not yet published the official guidelines for the program other than to inform us that the OVDP penalty for failure to disclose offshore accounts … Continue reading Should I Participate in The Offshore Voluntary Disclosure Program (OVDP)?
In concert with the IRS’ Voluntary Disclosure Program discussed here and here, California is also keenly interested in offering some amnesty to taxpayers who “avoided tax bills” if it mean capturing further state tax revenue. However, the program starts today and the deadline of October 31, 2011 to participate in California’s Voluntary Compliance Initiative is quickly approaching. The benefit of avoiding … Continue reading New Opportunity for California Taxpayers Who Avoided Tax Bills