Has IRS Pulled the Football Away From OVDP's Charlie Brown?

BNA's Daily Tax Report
05.08.13

In this article, Tom Zehnle discusses recent reports that indicate the IRS disqualified certain U.S. taxpayers from its Offshore Voluntary Disclosure Program (OVDP), despite the fact that the individuals were accepted into the program previously, and may have made incriminating statements about their foreign assets, bank accounts, and taxable income. The reports highlight the risks involved for tax professionals who counsel clients about their participation in the OVDP. Although the outcome of the disqualifications remains to be seen, Zehnle expects some enforcement action despite the fact that affected participants were attempting to comply with the rules of the offshore program.

This article also appeared in BNA's White Collar Crime Report, May 16, 2013.

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