Amnesty Deadline Nears

On August 31, the IRS Offshore Voluntary Disclosure Initiative is closing. The Initiative allows U.S. taxpayers with unreported income relating to undisclosed foreign bank or financial accounts to make a voluntary disclosure to get current with their taxes and information filing obligations for the past 8 years. When the program closes later this month, U.S. taxpayers can continue to make voluntary disclosures, but a disclosure made after the deadline will not be eligible for the simplified penalty structure set forth in the Initiative. A U.S. taxpayer desiring to participate in the Initiative should act quickly to gain preliminary acceptance prior to the August 31 deadline, a process that could take between 2 and 3 weeks.\

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Roger Royse
rroyse@rroyselaw.com

Roger Royse, the founder of the Royse Law Firm, works with companies ranging from newly formed tech startups to publicly traded multinationals in a variety of industries. Roger regularly advises on complex tax structuring, high stakes business negotiations and large international financial transactions. Practicing business and tax law since 1984, Roger’s background includes work with prominent San Francisco Bay area law firms, as well as Milbank, Tweed, Hadley and McCloy in New York City.
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