To encourage taxpayers with offshore accounts to get current with their tax obligations, the IRS has reopened its “offshore voluntary disclosure program (OVDP).” Similar programs in 2009 and 2011 resulted in the collection of more than $4.4 billion of taxes owed.
The 2012 program will be similar to the 2011 program; however, one difference is that there is currently no deadline by which taxpayers must apply.
