Please check the latest report from the IRS regarding the reopening of the OVDI. The memo is also on the IRS website. Not sure what it means that they are putting everyone in this program that came forward after the last one closed. New increased penalties, etc. Please read.


IRS Offshore Programs Produce $4.4 Billion To Date for Nation?s Taxpayers; Offshore Voluntary Disclosure Program Reopens



IRS Reopens Offshore Amnesty Program For Cheats And Non-Cheats Alike - Forbes

ARE YOU KIDDING ME!!

Thanks and Wow! -- could you post at The Isaac Brock Society | Liberty and justice for all United States persons in Canada and abroad There are lots of folks there who will be interested.

Hi,

I'll try to post, but I'm not registered there, so if you are, it might be faster for you to get it out over there. I'm still trying to decipher what Shulman wrote, but I'm thinking that the people who are being put into the latest version are those who identified under OVDI after the deadline. I'm not sure where those who went the quiet route because they had no taxes owing and only missing documents are in all this.

Good question

A bit of hope in the following:

"This includes awareness by dual citizens and others who may be delinquent in filing, but owe no U.S. tax. The IRS is currently developing procedures by which these taxpayers may come into compliance with U.S. tax law."

Perhaps slowly they're finally catching on?

As for the other piece: I don't take much stock in articles from Forbes anymore - The woman who wrote the related article consistently equates any foreign bank account with money laundering and tax evasion, while frequent offshore commentator Robert Wood offers very little in the way of original insight, basically passing off rehashed IRS press releases as his own while adding a bit of gloom-and-doom for good measure.

Thanks, I took the liberty of doing so and there are already 5 comments to it posted. I think you should check this site out for very good commentary on all of this. Thanks so much for posting these links!!

[QUOTE=CanadianAtHeart;687605]Please check the latest report from the IRS regarding the reopening of the OVDI. The memo is also on the IRS website. Not sure what it means that they are putting everyone in this program that came forward after the last one closed. New increased penalties, etc. Please read.


IRS Offshore Programs Produce $4.4 Billion To Date for Nation?s Taxpayers; Offshore Voluntary Disclosure Program Reopens



OMG, this is awful news. I especially dislike this:

"The program is similar to the 2011 program in many ways, but with a few key differences. Unlike last year, there is no set deadline for people to apply.
However, the terms of the program could change at any time going forward. For example, the IRS may increase penalties in the program for all or some taxpayers or defined classes of taxpayers – or decide to end the program entirely at any point.:

"For the new program, the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the eight full tax years prior to the disclosure. That is up from 25 percent in the 2011 program. Some taxpayers will be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011."

I find it completely confusing that there is a statement regarding duals and working something out versus the indication in December, that refunds could be given for those penalized after the last OVDI. This makes no sense to me at all and creates more distrust as far as I'm concerned.

I'm really glad I've got 4 years of returns/FUBARS submitted and a final appointment January 20, to renounce. That will leave 2011 and the final return plus 8854. I was still doubting, but now, I've made my mind up for sure. Absolutely no point in sticking around for any more of this.

Although I am totally freaking out over this statement "Those who have come in since the 2011 program closed last year will be able to be treated....," I remember reading Peg's story and I think you actually have take a number of actions resulting in pre-clearance before being entered into OVDI. So I am keeping my fingers crossed that my voluntary disclosure, based upon the December IRS statement, does not make me automatically enrolled. If so, I am exactly back to where I started on Sept 14, prepared to refuse to pay, be ready to never be able to enter the US again and the whole horrible ,unendingtension, fear and anxiety.

How do others read this phrase?

I phoned Cafreeb to make sure this news was communicated. The only reason for the long absence is computer break down. So, a "hello to all" was communicated and very good news, Cafreeb's CDN citizenship ceremony is Jan 23! And as you can imagine, reaction to this news is