IRS Announces a Second Offshore Voluntary Disclosure Program with Revised Penalty Structure

On February 8, 2011, the Internal Revenue Service (IRS) announced a second Offshore Voluntary Disclosure Program (the “2nd OVDP”). The IRS announced the first Offshore Voluntary Disclosure Program (the “1st OVDP”) on March 23, 2009, and closed it on October 15, 2009. Similar to the 1st OVDP, the goal of the 2nd OVDP is to encourage taxpayers with unreported offshore assets and income to voluntarily disclose such assets and income in exchange for reduced penalties and protection from criminal prosecution...(more)...