Mar 2011On 8 February 2011, the Internal Revenue Service ("IRS") announced its second offshore voluntary compliance initiative ("2011 OVCI"), and published frequently asked questions and other materials on the IRS website. Now taxpayers who did not meet the 15 October 2009 deadline for participation in the first offshore voluntary compliance programme in 2009 ("2009 OVCP") have until 31 August 2011 to complete the necessary paperwork, including amended returns, pay taxes, penalties, and interest due under the terms of the 2011 OVCI. However, the due date for a 2010 Report of Foreign Bank and Financial Accounts remains 30 June 2011. While the terms of the 2011 OVCI are not as favourable as the terms the 2009 OVCP, the 2011 OVCI does include reduced penalties and the ability to avoid possible criminal sanction. In addition, unlike the 2009 OVCP which only looked back six years, the 2011 OVCI covers eight years (and fiscal years ending) 2003 through 2010.
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