IRS Triple Play on Offshore Voluntary Disclosures

Much like the popular saying, "third time’s a charm," the third iteration of the IRS Offshore Voluntary Disclosure Program is likewise a good thing, according to Offshore Tax Compliance Chair Kevin Packman. The programs allow taxpayers with undisclosed income from offshore accounts to come forward, pay a set penalty and avoid criminal prosecution. "It’s frightening to meet taxpayers that didn’t know about the earlier programs or elected not to participate, but they exist," Mr. Packman said. "More and more banks are giving in to IRS demands and getting caught up in Department of Justice investigations. Now the taxpayers involved can come forward."