IRS Offshore Voluntary Disclosure Program Nets $10 Billion So Far
according to the IRS
correct prior non-willful omissions and meet their federal tax obligations, paying approximately $450 million in taxes, interest and penalties.
The IRS developed the Streamlined Filing Compliance Procedures to accommodate taxpayers with non-willful compliance issues. “The IRS has passed several major milestones in our offshore efforts, collecting a combined $10 billion with 100,000 taxpayers coming back into compliance,” said IRS Commissioner John Koskinen. “As we continue to receive more information on foreign accounts, people’s ability to avoid detection becomes harder and harder. The IRS continues to urge those people with international tax issues to come forward to meet their tax obligations.”