Pharma Investments, Ventures & Law Weekly
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Caplin & Drysdale
States Offer Attractive Voluntary Disclosure Options for Off-Shore Account Holders
June 14th, 2009
Many U.S. states have recently adopted attractive voluntary disclosure programs for taxpayers with undisclosed off-shore accounts. The benefits of a state tax amnesty or voluntary disclosure program can be even more advantageous than the current IRS policy. "We have worked with clients across the country to qualify them for the various state amnesty and state-based voluntary disclosure programs in conjunction with making a voluntary disclosure to the IRS," said Jim Mastracchio, a partner with Caplin & Drysdale, who represents many individuals with off shore accounts. Some state-based voluntary disclosure programs can include full penalty abatement,...
Source: Pharma Investments, Ventures & Law Weekly (2009-06-14)
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