IRS AUDITING TAXPAYERS REJECTED BY OFFSHORE VOLUNTARY DISCLOSURE PROGRAM; ENCOURAGES TAXPAYERS TO COME INTO COMPLIANCE

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It has been reported that the IRS has shifted focus to auditing taxpayers who were previously denied entry into the Offshore Voluntary Disclosure Program (“OVDP”). Approximately 6,000 are in in focus. The IRS is also encouraging delinquent taxpayers to hurry into compliance if they have not already done so.

We encourage taxpayers who have been evaluating their options to make a decision and come into compliance. The IRS’s patience may be running thin. In addition, the IRS is receiving information from various sources, including exchange of information under FATCA. Once an audit begins, your options for penalty abatement may be limited.

Feel free to contact us with any questions or if you need assistance with your case. We are happy to assist.