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2011 Offshore Voluntary Disclosure Initiative (1 viewing) (1) Guest
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TOPIC: 2011 Offshore Voluntary Disclosure Initiative
#7061
steve (Admin)
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2011 Offshore Voluntary Disclosure Initiative 7 Years, 8 Months ago Karma: 3  
 
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#7066
Henkel (User)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 8 Months ago Karma: 0  
Hey Steve,

Would i need to report a bank account if i sold property overseas and then deposited the money temporarily overseas while i was transferring it to the US?
 
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#7081
steve (Admin)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 8 Months ago Karma: 3  
Yes. If the foreign bank account at any time during the year exceeds $10k USD, then you must file an FBAR to report the foreign account. Failure to report will cause the imposition of penalties.
 
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tbm1231 (User)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 8 Months ago Karma: 0  
From what i gather, the IRS voluntary disclosure program covered six years, 2003 - 2008. What do the local states cover? Are the states accepting only six years of amended returns too, or are they requiring more?

Also, what are the additional penalties for the 2011 Initiative?

Thanks Steve
 
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#7123
steve (Admin)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 7 Months ago Karma: 3  
You didnt mention which state was at issue. So, i would recommend that you check with the repective state for their rules and procedures.

Some states including MI have developed their own VDP in response to the IRS VDP. MI's VDP is only open for a short period of time (i.e. May 15, 2011, through June 30, 2011). MI's VDP participants will have all civil and criminal penalties waived. `Unlike many other state amnesty programs, MI's VDP imposes no penalty for failure to participate in the amnesty program.
 
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Pezollmm (User)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 7 Months ago Karma: 1  
Hey Steve,

Would there be a situation when you would recommend that someone not participate in this IRS voluntary program? Also, what if someone participated in the program and then decided that they dont want to anymore; what happens to them? Can the IRS then come after them criminally or are they still exempt from prosecution?
 
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