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Offshore disclosure program makes a third go-round

Individuals, Taxes

After two successful offshore voluntary disclosure programs, the IRS on Jan. 9 announced a new 2012 Offshore Voluntary Disclosure Program (2012 OVDP). Under the previous two programs, the 2009 Offshore Voluntary Disclosure Program (2009 OVDP) and the 2011 Offshore Voluntary Disclosure Initiative (2011 OVDI), which closed on Sept. 9, 2011, the IRS received over 33,000 disclosures and collected more than $4.4 billion in taxes and penalties (IR-2012-5).

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