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IRS Offers ANOTHER Offshore Amnesty

posted Jan 10, 2012, 10:30 AM by Krozel Capital   [ updated Jan 24, 2012, 11:23 AM ]
They swore they would only do it once...then swore they would only do it one more time...but now the IRS has announced they will offer a third offshore voluntary disclosure program. I guess after collecting over $4.4 billion from the 2009 and 2011 programs the IRS has decided the program works. Unlike the other offshore programs, this third one has no deadline but can be changed at anytime (i.e. increase penalties or they could end the program). Penalties have increased since the 2011 program (27.5% from 25%), but note there is a lower penalty rate for those with less then $75K in foreign assets during a year covered by the new initiative.

If you have unreported foreign assets and/or income from these assets, do not think that you can continue to wait because this program does not have a deadline. The IRS could increase the penalties or end the program at anytime so it is best to deal with the issue sooner than later.