The Internal Revenue Service announced that 12,000 new applications came in from the 2011 Offshore Voluntary Disclosure Initiative (OVDI) program that closed last week. This pushed the total to 30,000 since the program began in 2009.
According to the IRS, $2.2 billion has been collected so far from the 2009 program representing closure on about 80% of the cases. The IRS also said that it has collected an additional $500 million in taxes and interest as down payments for the 2011 program, a figure which will increase significantly after the applicable offshore and FBAR penalties are paid. IRS Commissioner Doug Shulman noted that global tax enforcement has been a top priority and that progress has been made on multiple fronts, including ground-breaking international tax agreements and increased cooperation with other governments.
The full text of the news release can be viewed on the IRS website at http://www.irs.gov/newsroom/article/0,,id=245768,00.html.