IRS Reopens Offshore Voluntary Disclosure Initiative, Says $4.4 Billion Collected So Far

The Internal Revenue Service announced that it is reopening its special program to allow taxpayers to disclose their offshore assets to the government for a third time, winning praise from practitioners who said this would encourage more people to come forward as investigations of foreign banks continue. According to the agency, the program will be open for an indefinite period until otherwise announced. Offshore Tax Compliance Chair Kevin Packman offers insight on the reopening. "I think it's a good thing that they're saying the program will be open indefinitely. You're always going to have people coming forward," he said.