Dozens With Bank Leumi Accounts Rejected From OVDP After Acceptance, Attorney Says
The Internal Revenue Service has notified dozens of taxpayers who were previously accepted into its offshore voluntary disclosure program (OVDP) that they have been disqualified from participation, a lawyer with a client in this situation told BNA March 11. Nearly all the taxpayers had accounts at the Tel Aviv-based Bank Leumi.
According to Offshore Tax Compliance Chair Kevin Packman, the IRS is continuing to press those who have successfully participated in the OVDP for more information about the banks where they did business even after they completed disclosures of their own personal assets. "The thing that taxpayers need to be aware of is that this is not a Switzerland issue and now an Israel issue," Mr. Packman said. "This is a global issue. And that's really the takeaway."