IRS targets former users of US offshore disclosure programme

The United States Internal Revenue Service Large Business and International Division are launching six additional compliance campaigns, with one of them focusing on taxpayers who have formerly used the Offshore Voluntary Disclosure Program (OVDP). "US persons are subject to tax on worldwide income. This campaign addresses tax noncompliance related to former Offshore Voluntary Disclosure Program (OVDP) taxpayers' failure to remain compliant with their foreign income and asset reporting requirements. The IRS will address tax noncompliance through soft letters and examinations," the IRS sai...