ABA Tax Section Urges Extending Offshore Disclosure

Law360 (May 2, 2018, 9:17 PM EDT) -- The American Bar Association’s tax section urged the Treasury Department on Wednesday to institute a new program allowing taxpayers to voluntarily disclose previously unreported offshore financial assets while improving upon the existing program that is scheduled to be shut down by Sept. 28.

In response to a request for public comments on the Offshore Voluntary Disclosure Program, the ABA Section of Taxation told treasury officials and the Internal Revenue Service that previous iterations of the program have been helpful in giving taxpayers and their representatives a level of certainty and transparency with established guidelines on how the IRS would process returns....

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