Tax
Sep. 14, 2011
What’s next for foreign financial income disclosures?
Although the IRS deadline has passed, options remain for taxpayers who need to disclose their foreign financial income. By Sanford I. Millar
The last date for taxpayers to submit requests to participate in the Internal Revenue Service's second supplemental offshore voluntary disclosure initiative (OVDI) was Sept. 9. For some taxpayers, the program was a clear opportunity to avoid very severe outcomes. The lucky taxpayers who can meet all the program requirements will avoid criminal and serious civil sanctions. But what should be done for the taxpayers who really have no crimin...
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