The American Institute of CPAs recommended the Treasury Department and the Internal Revenue Service make a number of changes to improve the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures that allow U.S. taxpayers to voluntarily disclose previously unreported offshore assets and comply with U.S. tax laws.
“The remarkable success of these programs is greatly attributable to their fairness and the absence of unnecessarily punitive penalties on those taxpayers eligible to participate,” AICPA Tax Executive Committee chair Troy L. Lewis wrote in a letter Wednesday to top Treasury and IRS officials. “The AICPA believes that making certain minor revisions to the terms of the 2014 Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures would both increase the number of taxpayers participating and improve the fairness and equity of the programs.”
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