Washington (April 8, 2003) - As the deadline for the Internal Revenue Service’s Offshore Voluntary Compliance Initiative draws near, 10 states have announced they will grant special consideration to taxpayers who apply to the initiative. If individuals amend their state returns and pay all tax, penalties and interest by Oct. 15, they can avoid state prosecution.
“The actions by these states send another strong signal to people improperly using offshore credit cards. Now is the time to get things right,” said IRS Acting Commissioner Bob Wenzel. “We’re pleased many states are stepping forward and extending parallel offers to those offshore applicants who live in their states. The IRS and the states share a common goal of bringing people into compliance with the tax law.”
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