The Internal Revenue Service (IRS) announced on October 21, the results of updated “Offshore Voluntary Compliance Program” (OVDP) and Streamlined Procedure data. Since the inception of the OVDP in 2009, 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program to resolve their tax obligations. Taxpayers entering OVDP paid over $9.9 billion in taxes, interest and penalties since that time.
An additional 48,000 taxpayers have used the separate “Streamlined” procedures to remedy prior “non-willful” omissions of foreign financial assets and income and meet their federal tax obligations. The streamlined procedures have resulted in the submission of more than 96,000 delinquent and amended income tax returns. To date, “Streamlined” participants have paid approximately $450 million in taxes, interest and penalties.
Form Updates and New Phone Numbers
The IRS also announced Form updates for the Streamlined Filing Compliance Procedures and a change in phone numbers. The most current versions of the Streamlined forms are here: Form 14653 (for taxpayers living outside the US) and Form 14654 (for those residing in the US). Commonly used telephone numbers relating to the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures have also changed.
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