Richard J. Sapinski was interviewed about the IRS Offshore Voluntary Disclosure Initiative. Some highlights from the program include:
• The IRS has made cracking down on offshore tax evasion a top enforcement priority.
• The law applies to both U.S. citizens and U.S. residents.
• Over the last few years, the IRS has tried to entice U.S. citizens and residents to report their undisclosed foreign bank accounts by providing an Offshore Voluntary Disclosure Initiative, which provides certainty as to penalties.
• The window to disclose an unreported foreign bank account is quickly closing.
• Once the IRS has your name, you cannot qualify to enter the IRS Offshore Voluntary Disclosure Initiative and will likely face jail time and very large civil tax penalties.