Groundhog Day isn’t until next month, but the Internal Revenue Service is again invoking that same sense of déjà vu with its third Offshore Voluntary Disclosure Program in the past three years.

The IRS introduced the latest program Monday, and like the classic Bill Murray comedy it certainly had a familiar feeling (see IRS Reopens Voluntary Disclosure Program). The 2012 OVDP shares many similar characteristics with the 2011 program, which officially expired last September, except for taxpayers in the highest penalty category who could see a hike in the amount they would have to pay.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access