Scott Michel Quoted in Tax Analysts, Practitioners Assess Offshore Initiative as Deadline Approaches
08.15.2011
Tax Notes
Excerpt taken from article.
The IRS's offshore voluntary disclosure initiative (OVDI) hasn't been as popular as the original offshore voluntary disclosure program (OVDP) from 2009, but taxpayers with unreported foreign accounts and their advisers are working toward the August 31 deadline to make submissions to the second amnesty program.
The reporting and withholding requirements of the Foreign Account Tax Compliance Act have stung some U.S. taxpayers who live abroad: They have found themselves being unceremoniously dumped by their local banks in anticipation of what Scott D. Michel, a partner at Caplin & Drysdale, referred to as the coming "era of automatic disclosure".
Click here to read about the second amnesty program for undeclared offshore accountholders.
The IRS's offshore voluntary disclosure initiative (OVDI) hasn't been as popular as the original offshore voluntary disclosure program (OVDP) from 2009, but taxpayers with unreported foreign accounts and their advisers are working toward the August 31 deadline to make submissions to the second amnesty program.
The reporting and withholding requirements of the Foreign Account Tax Compliance Act have stung some U.S. taxpayers who live abroad: They have found themselves being unceremoniously dumped by their local banks in anticipation of what Scott D. Michel, a partner at Caplin & Drysdale, referred to as the coming "era of automatic disclosure".
Click here to read about the second amnesty program for undeclared offshore accountholders.
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