As more Swiss banks are reaching an agreement with the US Department of Justice (DoJ) and the implementation of FATCA, the pressure is growing on US-related clients. Forbes comes back on the IRS’s long-running Offshore Voluntary Disclosure Program (OVDP) and the costs for the non-compliant US-related assets. The blog says that ‘Disclosure is clearly the best path, and the OVDP still has the highest degree of safety’. At the moment, taxpayers joining the OVDP face a 50% penalty if they had accounts at any of the banks on the IRS’s list. Outside of these banks, the usual penalty is 27.5%.
6
Oct
The List of Bank Triggering a 50% Penalty in the OVDP is Getting Longer with each New NPA
Tags: Agreement, Department of Justice, DoJ, fine, IRS, US Person, US Tax payer
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