Law & Health Weekly
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Caplin & Drysdale
IRS Issues Frequently Asked Questions for Voluntary Disclosure of Off Shore Accounts
May 23rd, 2009
Late yesterday afternoon, the Internal Revenue Service issued much needed guidance for taxpayers making voluntary disclosures involving offshore accounts. The IRS Voluntary Disclosure FAQ contains 30 frequently asked questions and answers, which provides guidance to taxpayers and their advisors who are considering voluntary disclosures of previously unreported off shore accounts. "This is a relief," says Jim Mastracchio, a partner with Caplin & Drysdale. "I have dozens of clients who wanted to know how the policy would work, given their particular circumstances." Mastracchio said that among the questions that have been answered is how to deal with...
Source: Law & Health Weekly (2009-05-23)
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