The Internal Revenue Service released new updated procedures for voluntary disclosures since the old Offshore Voluntary…
OVDP New Forms Announced by IRS
The IRS has simplified the process of entering the OVDP Program by issuing the following forms:
Form 14457 – Offshore Voluntary Disclosure Letter
The new forms (the old forms were simple Word documents) will likely standardize the IRS’ review process for OVDP eligibility, guide the IRS examiner in OVDP “issue spotting”, and assist in the identification of offshore promoters or facilitators.
While process improvement is needed to improve the IRS’ processing of OVDP applications,
In spite of the standardization of the forms, careful drafting and legal advocacy of a taxpayer’s particular circumstances are still recommended for a favorable result.