Taxpayers with Undisclosed Accounts at UBS AG Should Consider Voluntary Disclosure - Client Advisories - Publications & Blogs. April 3, 2. 00. 9. U. S. Department of Justice has taken against UBS with respect to those accounts. District Court for the Southern District of Florida to order UBS to disclose to the IRS the names of its U. S. Mc. Kenzie(2. 12) 8. Andrew H. Lee(2. 12) 8. This client advisory is provided by Kelley Drye & Warren LLP for educational and informational purposes only and is not intended and should not be construed as legal advice.
Offshore Voluntary Disclosure Program. The IRS Offshore Voluntary Disclosure Program is working with taxpayers whose penalties may be reduced. The IRS began an open- ended OVDP in January 2. The IRS may end the 2. The IRS is offering taxpayers with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2. 01. 2 OVDP has a higher penalty rate than the previous programs, but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
This is a continuation of the program's modified terms introduced in 2. For purposes of referring to this modified program, it may be referred to as the 2. OVDP. The modifications are effective on July 1, 2.
In addition to the OVDP, we offer additional options available to U. S. Read our news releases and fact sheets. IR- 2. 01. 4- 7. 3, IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance. FS- 2. 01. 4- 7, Offshore Income and Filing Information for Taxpayers with Offshore Accounts. FS- 2. 01. 4- 6, IRS Offshore Voluntary Disclosure Efforts Produce $6.
Billion; 4. 5,0. 00 Taxpayers Participate. More .. Prior OVDP programs. Page Last Reviewed or Updated: 1.
UBS Voluntary Disclosure Initiative 32 Despite Swiss court ruling and end of amnesty, voluntary disclosure still has advantages. Earlier this month a Swiss court ruled that parts of a deal the Swiss government reached to hand over the names of 4,450 U.S. May 11, 2010 - Phil Hodgen Open letter to IRS Commissioner about voluntary disclosure program Some people who had UBS accounts entered the voluntary disclosure program. This program — procedures in place for decades — says in a nonbinding way that if.
File UBS case, the IRS’s voluntary disclosure program for these cases, and the tax problems associated with passive foreign investment companies. The current IRS alterna. Offshore tax abuses have been an IRS priority for some time, but the impending September 23, 2009 deadline for the IRS “Voluntary Disclosure” program–combined with the recent announcement that UBS has agreed with the IRS to release 4,450 names of U.S.