A new initiative to be formally introduced by the Internal Revenue Service would expand the Offshore Voluntary Disclosure Program, which launched in 2009 and has been extended twice since then. The program has resulted in more than 43,000 voluntary disclosures and another expansion is expected to increase that number.
Private Wealth Partner Kevin Packman said this new announcement is favorable news for the people who come forward now but is more work for those already in the system. He said it also brings the government's credibility into question.
"It's great to see that they're continuing to try to find ways to assist this element of the population; the problem is it's at the expense of those people who tried to do the right thing per the government saying: 'you better come in now, because if you don't, it's going to get worse,'" he said.
READ: U.S. Taxpayers Abroad Could Become Compliant Under New Disclosure Program (subscription required)
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