IRS Announces OVDP Success

Today, the Internal Revenue Service (IRS) is drawing attention to the success of its efforts in bringing taxpayers with unreported offshore accounts back into tax compliance. Since 2009, around 100,000 U.S. taxpayers have utilized the IRS Offshore Voluntary Disclosure Program (OVDP) and its streamlined counterpart to report previously undisclosed foreign accounts, allowing the IRS to collect an approximate $10 billion in taxes, interest and penalties. The passing of the Foreign Account Tax Compl...