1. Home
  2. Taxes General Forum
  3. Can a Taxpayer Opt-Out from OVDI (2011 IRS Offshore Program)?

Can a Taxpayer Opt-Out from OVDI (2011 IRS Offshore Program)?

At the very end (fast track Audit) of 2011 OVDI process and the Revenue Agent has taken a position that is unacceptable and in contradiction of the FAQs IMO. Significant financial differences as to penalties are in controversy.

RA insists there is no opt-out, I feel fairly certain there is (and am aware of the alternative and potential good/bad outcomes if opt-out is available and in fact elected).

Called IRS OVDI Hotline and surprisingly the Hotline person said he would have to look into it and get back to me. They are always quite helpful and I eagerly await his response.

Folks with experience with any of the 3 IRS VD programs for Offshore Entities are hereby sought for their thoughts/opinions.

Thanks.

========================================= MODERATOR'S COMMENT: This might or might help

formatting link

Reply to
Michael
Loading thread data ...

The moderator's link appears not to work. However, if you delete the leading "

formatting link
" in your address bar, it works fine.

Reply to
Bill Brown

IRS OVDI FAQ #51 on opting out if you disagree with the offshore penalty:

formatting link

Reply to
Alan

text -

Thanks Alan. The RA in my case now agrees opting out is an option and there is in fact an opt-out Form to be downloaded and used for that purpose (if it comes to that).

Wish I had some way of evaluating which penalties would definitely be BACK in play once taxpayer is officially out of the OVDI.

Thanks for your help and the links.

Reply to
Michael

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.