Perspective
Nov. 22, 2012
Risks loom in waiting to file voluntary disclosure of foreign bank accounts
The DOJ is working on investigations of foreign banks which are not yet public and when it becomes public it may be too late. By Steven Toscher, Edward Robbins, Jr. and Dennis Perez of Hochman, Salkin Rettig, Toscher and Perez PC
By Steven Toscher, Edward Robbins, Jr. and Dennis Perez
On Jan. 9, the IRS announced its third amnesty program called the 2012 Offshore Voluntary Disclosure Program (2012 OVDP), which allows taxpayers who have committed a tax crime to get their "stay out of jail card" in exchange for paying taxes and interest and some draconian civil penalties. The requirements of the 2012 OVDP program are similar to the earlier two programs, just more expensive.
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