Offshore Voluntary Disclosure Program Requirements

2012 Offshore Voluntary Disclosure Program

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2012 Offshore Voluntary Disclosure
Program
The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on
the heels of strong interest in the 2011 and 2009 programs. The IRS may end the 2012 program at
any time in the future. The IRS is offering people with undisclosed income from offshore accounts
another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate
than the previous program but offers clear benefits to encourage taxpayers to disclose foreign
accounts now rather than risk detection by the IRS and possible criminal prosecution.
2012 OVDP Documents and Forms
Questions and Answers
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2012 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers

Documents
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2012 Offshore Voluntary Disclosure Program Submission Requirements
Foreign Account and Asset Statement
Offshore Voluntary Disclosure Letter and attachment
Consent to Extend the Time to Assess Civil Penalties Provided by 31 USC Section 5321 for
FBAR Violations
Instructions for Completing Consents

Forms
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TD F 90-22.1, Report of Foreign Bank and Financial Accounts
Form 433A, Collection Information Statement for Wage Earners and Self-Employed Individuals
Form 433B, Collection Information Statement for Businesses
Form 872, Consent to Extend the Time to Assess Tax
Power of Attorney Form for the Offshore Voluntary Disclosure Initiative

Worksheets
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Penalty Computation Worksheet

News Releases and Fact Sheets
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IR-2012-64 IRS Says Offshore Effort tops $5 Billion, Announces New Details on the Voluntary
Disclosure Program and Closing of Offshore Loophole
IR-2012-64SP Esfuerzo Extranjero del IRS Supera $5 Mil Millones; Detalles del Programa de
Divulgación Voluntaria y Cierre de Laguna Jurídica
IR-2012-65 IRS Announces Efforts to Help U.S. Citizens Overseas, Including Dual Citizens and
Those with Foreigh Retirement Plans
IR-2012-65SP IRS Anuncia Ayuda a Estadounidenses en el Extranjero, Incluyendo Aquellos con
Doble Nacionalidad y Planes de Jubilación Extranjeros
IR-2012-5, IRS Offshore Programs Produce $4.4 Billion To Date for Nation’s Taxpayers;
Offshore Voluntary Disclosure Program Reopens

Other Options
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Options Available to Help Taxpayers With Offshore Issues
New Filing Compliance Procedures for Non-Resident U.S. Taxpayers
Instructions for New Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S.
Taxpayers
Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers
Questionnaire

Prior Programs
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2011 OVDI
2009 OVDP

Page Last Reviewed or Updated: 11-Jan-2013

http://www.irs.gov/uac/2012-Offshore-Voluntary-Disclosure-Program

1/15/2013