Welcome to our collection of primary sources providing information and analysis regarding United States offshore legislation, specifically the newly announced Internal Revenue Service (“IRS”) program concerning voluntary disclosure of Unreported Offshore Accounts and Entities and the Stop Tax Haven Abuse Act (“STHAA”) and other related legislation.
Below you will find a compilation of proposed legislation, hearings, and other items of interest related to these issues. Links to these various items are below. We will continue to monitor these issues and update the webpage regularly.
On March 23, 2009 the IRS released memoranda setting forth a penalty framework to be applied to voluntary disclosure requests containing offshore issues. The terms of the settlement initiative are applicable to taxpayers who make voluntary disclosure requests.
June 5, 2009 – GAO – Report to the Committee on Finance, U.S. Senate - Tax Administration: IRS Should Evaluate Penalties and Develop a Plan to Focus Its Efforts
On March 12, 2009, Senator Max Baucus (D-MT), chairman of the Senate Finance Committee released a separate, draft bill (the “Baucus Bill”) for circulation. For more information click here.
