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IRS Tops $10 Billion in Collections Regarding Offshore Accounts

On Behalf of | Oct 26, 2016 | IRS |

Seven years, 100,000 taxpayers and over $10 billion in taxes, interest, and penalties paid, and the IRS’ offshore voluntary compliance efforts are still going strong.

The IRS released data this week regarding the success of the various programs offered to taxpayers who were not in compliance regarding reporting and paying taxes on undisclosed offshore accounts and assets.

Most of the money collected came from the Offshore Voluntary Disclosure Program (OVDP), representing over $9.9 billion collected from 55,800 taxpayers. Almost as many taxpayers, 48,000, have used the IRS’ streamlined procedures designed for taxpayers whose failure to report the offshore accounts was not willful to avoid reporting or paying taxes. The streamlined programs have netted approximately $450 million to date in taxes, interest, and penalties.

IRS Commissioner John Koskinen reminds taxpayers that as the U.S. continues to execute agreements with other tax jurisdictions, coupled with the automatic third-party account reporting by foreign financial institutions, it is becoming increasingly difficult to hide offshore accounts and assets.

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