The Internal Revenue Service will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on September 28, 2018. By alerting taxpayers now, the IRS hopes that any U.S. taxpayers with undisclosed foreign financial assets will use the OVDP before the program closes. “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, we have been clear that we would close the program at the appropriate time, and we have reached that point. Those who still wish to come forward have time to do so.” Since the OVDP’s initial launch in 2009, more than 56,000 taxpayers have used one of the programs to comply voluntarily. All told, those taxpayers paid a total of $11.1 billion in back taxes, interest and penalties. The planned end of the current OVDP also reflects advances in third-party reporting and increased awareness of U.S. taxpayers of their offshore tax and reporting obligations. The number of taxpayer disclosures under the OVDP peaked in 2011, when about 18,000 people came forward. The number steadily declined through the years, falling to only 600 disclosures in 2017. The current OVDP … Read More
The IRPAC, established in 1991, provides an organized public forum for discussion of tax information reporting issues between IRS officials and representatives of the public. The committee presents an annual report to the IRS commissioner. The new appointees will join 16 returning members. Committee members represent the taxpaying public, tax professionals, small and large businesses, the financial industry and payroll providers. The following persons have been appointed to serve on the committee for three-year terms beginning in 2015: Keith King, senior vice-president and tax executive at Bank of America in Charlotte, N.C. He has over 24 years of experience in the finance industry and 15 of those in the information reporting field. Mr. King is a member of the American Bankers Association Information Reporting Advisory Group and the Securities Industry and Financial Markets Association (SIFMA), Tax Compliance and Administration Committee. Robert Limerick, Managing Director for the Global information Reporting Group at PricewaterhouseCoopers in New York, N.Y. He is a tax attorney specializing in tax withholding and information reporting with 20 years of experience in the public and private sectors. He is a member of the Securities Industry and Financial Markets Association (SIFMA) Technical Tax and Compliance Committee and a member … Read More
May 22, 2014 – Carol Campbell, Director of the Return Preparer Office (RPO) announced today in a National Public Liaison (NPL) conference call that the RTRP program is officially dead, that the RTRP credential no longer exists and cannot be used by those who had qualified earlier. The IRS is working on a voluntary certification program which may include those who had taken and passed the RTRP exam.