IRS Posts New Frequently Asked Questions for the 2011 OVDI Program
U.S. government decided to prosecute a taxpayer who made a so-called “quiet disclosure” of his offshore account at HSBC.
On April 7, 2011, the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India.
The IRS issued a new notice, Notice 2001-31, providing guidance to taxpayers on how they should answer questions on their 2010 federal income tax and information returns relating to foreign financial accounts (FFAs).
After announcing a new offshore account amnesty on February 8, 2011, the IRS began to provide more information about the program. You can read Frequently Asked Questions and Answers published by the IRS here: 2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers.
The IRS also published the forms and documents to be used in the disclosure process. You can find the documents here: 2011 Offshore Voluntary Disclosure Initiative Documents and Forms.