April 1, 2011
IRS Renews Its Focus on Unreported Foreign Accounts and Assets: The 2011 Disclosure Program
The Journal of Taxation
Tax Partner Kevin Packman authored a Journal of Taxation article titled "IRS Renews Its Focus on Unreported Foreign Accounts and Assets: The 2011
Disclosure Program."
In the article, Mr. Packman discusses some significant flaws in the IRS's latest attempt to encourage taxpayers to voluntarily report offshore income and assets, and to pay the related income taxes and penalties. Nevertheless, Mr. Packman advises there are many good reasons for taxpayers who are not in compliance to take advantage of the newest IRS offer. While the 2011 Voluntary Disclosure Program is far from perfect, it does offer taxpayers one more chance to resolve their foreign sourced noncompliance.
Disclosure Program."
In the article, Mr. Packman discusses some significant flaws in the IRS's latest attempt to encourage taxpayers to voluntarily report offshore income and assets, and to pay the related income taxes and penalties. Nevertheless, Mr. Packman advises there are many good reasons for taxpayers who are not in compliance to take advantage of the newest IRS offer. While the 2011 Voluntary Disclosure Program is far from perfect, it does offer taxpayers one more chance to resolve their foreign sourced noncompliance.