IRS Considering OVDP Relief for Non-Willful Compliance Failures

The IRS will likely soon make modifications to its offshore voluntary disclosure program that will lessen the penalties for those with unreported offshore accounts whose compliance failures have been non-willful. The news was announced on Tuesday, June 3 by IRS Commissioner John Koskinen during the 2014 OECD International Tax Conference in Washington.

Cohen & Grigsby attorneys are closely monitoring the decision for further developments.

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