IRS Government Official Updates ABA on Offshore Accounts

The IRS is close to announcing the details of a follow-up initiative to entice more taxpayers with unreported offshore accounts to voluntarily disclose them to the IRS, Steven Miller, IRS Deputy Commissioner for Services and Enforcement, said January 21, 2011, at the ABA Tax Section meeting.

Miller said the new offshore disclosure initiative will not offer terms as generous as those available to taxpayers who participated in the special Offshore Voluntary Disclosure Program established in 2009, but the structure will be somewhat similar. The IRS intends to use the lessons learned in processing the first batch of offshore cases to guide its new approach, which will include greater centralization, Miller included.

Specifically, the IRS will allow taxpayers who have made voluntary disclosures since the last special program ended to avail themselves of the terms in the new initiative, Miller said. The IRS's belief in allowing taxpayers to make voluntary disclosures should be read in the context of the agency's continued enforcement efforts, he said. The possibility of a second offshore voluntary disclosure program was first raised by IRS Commissioner Douglas Shulman in December.

Stay tuned for more information regarding the new amnesty initiative as new developments are reported by the IRS.

If you have an undisclosed offshore account contact Thorn Law Group today. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.