The IRS remains committed to stopping the use of offshore accounts to hide money or assets, and has kept the act on its 2017 “Dirty Dozen” list of tax scams. “Offshore compliance remains a top IRS priority,” said IRS Commissioner John Koskinen. “The IRS receives more foreign account information each year, making it harder to hide income offshore.”
Taxpayers are encouraged to use the Offshore Voluntary Disclosure Programs to get into compliance with respect to their offshore accounts. Since 2009, when the first OVD program debuted, the IRS has collected over $9.9 billion and processed more than 55,800 disclosures. Due to strong interest from taxpayers and tax practitioners, the programs will remain open to new disclosures indefinitely.
Read the full IRS press release here.
If you have undisclosed offshore assets or accounts, contact one of our attorneys today to learn how to get into compliance.