IRS To Warn Former Offshore Voluntary Tax Compliance Applicants to Keep in Compliance

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Friday, August 2, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
8
Abstract: 

On July 19, 2019, the IRS Large Business and International Division (LB&I) announced the approval of additional compliance campaigns, including ones on taxpayers who participated in the Offshore Voluntary Disclosure Program (OVDP) and United States taxpayers who expatriated. With respect to Post-OVDP Compliance, John Cardone, director of Withholding & International Individual Compliance, is in charge.  The campaign observes that U.S. persons are subject to tax on worldwide income. This campaign addresses tax noncompliance related to former OVDP taxpayers’ failure to remain compliant with their foreign income and asset reporting requirements. The Internal Revenue Service (IRS) has a list of all the participants in the OVDP.  The IRS will address tax noncompliance through soft letters and examinations.