02.15.11

The IRS announced a new Voluntary Disclosure Initiative for taxpayers with undisclosed foreign accounts. The new initiative, called the “2011 Offshore Voluntary Disclosure Initiative (OVDI)," was designed to encourage taxpayers with unreported foreign income and investments to come forward to become compliant for prior tax years. The initiative generally reduces the civil penalties that could be imposed and reduces the chance of criminal prosecution.

Additional details can be found on the IRS website and by clicking on the following links:

• OVDI Information Page
• IRS News Release (IR-2011-14)
• OVCI Frequently Asked Questions
  

For more information, please contact Danielle Petroff-Gobeille (dpgobeille@argy.com) or Patty Brickett (pbrickett@argy.com).

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