Forbes.com features an article discussing the IRS's 2011 Offshore Voluntary Disclosure Initiative (OVDI), which ends August 31, 2011. Individuals with previously undisclosed foreign accounts can declare those accounts now with no criminal penalty and reduced civil penalties. Additionally, dual citizens that live in a foreign country, are compliant with taxes in that country, and have less than $10,000 per year of U.S. source income face even further reduced civil penalties. Taxpayers must make sure to file the disclosure by August 31, 2011.
See Josh Ungerman, "IRS OVDI Offers Penalty Relief for Dual Citizens," Forbes.com (Aug. 19, 2011).
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal
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