Thursday, March 10, 2011
IRS Has Made Available Information About 2011 Offshore Voluntary Disclosure Initiative
IRS announced on March 8 that it has made available information in eight foreign languages about the 2011 Offshore Voluntary Disclosure Initiative (OVDI) for those taxpayers with undisclosed offshore accounts. (IR 2011-25) As described by the agency, IRS is offering people with undisclosed income from offshore accounts an opportunity to participate in a new, voluntary disclosure initiative to get current on their tax returns. The 2011 OVDI will be available only through Aug. 31, 2011. The news release, announcing the agency's terms for its offshore voluntary disclosure initiative was translated into Chinese (traditional and simplified), Farsi, German, Hindi, Korean, Russian, Spanish and Vietnamese. This step was taken “to get information about the initiative to people that need it in response to requests made by taxpayers and tax professionals,” IRS said. It noted that a similar effort took place in 2009, when the agency translated material on its special provisions for undisclosed offshore accounts into several languages. Additional information appears at http://www.irs.gov/newsroom/article/0,,id=237170,00.html.