Reversal by IRS on voluntary disclosure program causes concerns
In an apparent about face, the Internal Revenue Service recently notified some offshore account holders that they do not qualify for the Offshore Voluntary Disclosure Program. The move concerns many tax professionals, because the IRS had previously approved some of the offshore bank account holders for participation in the program.
Many of the account holders informed of the disqualification had accounts with Bank Leumi. Ironically, the bank had sent letters to some account holders in late 2012 discussing the OVDP and advising account holders to contact a tax attorney ...