The Internal Revenue Service (IRS) announced on October 21, the results of updated “Offshore Voluntary Compliance Program” (OVDP) and Streamlined Procedure data. Since the inception of the OVDP in 2009, 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program to resolve their tax obligations. Taxpayers entering OVDP paid over $9.9 billion in taxes, interest and penalties since that time.
An additional 48,000 taxpayers have used the separate “Streamlined” procedures to remedy prior “non-willful” omissions of foreign financial assets and income and meet their federal tax obligations. The streamlined procedures have resulted in the submission of more than 96,000 delinquent and amended income tax returns. To date, “Streamlined” participants have paid approximately $450 million in taxes, interest and penalties.
The IRS also announced Form updates for the Streamlined Filing Compliance Procedures and a change in phone numbers. The most current versions of the Streamlined forms are here: Form 14653 (for taxpayers living outside the US) and Form 14654 (for those residing in the US). Commonly used telephone numbers relating to the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures have also changed.Back to Articles Back to Virginia La Torre Jeker J.D.
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Virginia La Torre Jeker J.D.
Virginia La Torre Jeker J.D., is based in Dubai. Virginia has been a member of the New York Bar since 1984 and is also admitted to practice before the United States Tax Court. She has over 30 years of experience specializing in the international aspects of US tax, including FATCA. She has been quoted in the New York Times and Newsweek, and is regularly quoted in many local news articles and publications."
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