Offshore Voluntary Disclosure Initiative

US citizens with tax return omissions had an opportunity to enter a Voluntary Disclosure Program (VDP) until October 15, 2009. There has been no formal program since then, leaving those who missed out on the VDP uncertain about how to proceed.

As you will be aware, there is now a second opportunity to enter a disclosure program until August 31, 2011. Although the new Offshore Voluntary Disclosure Initiative (OVDI) will be of interest to many, clients and their advisers may find the relatively short window to complete tax returns and information returns challenging.

Independent legal advice should always be sought as to whether the OVDI route is the most appropriate. If you have clients for whom you are considering the OVDI, at Buzzacott we have the experience and resources to ensure that this deadline can be met and will prioritise this work.

Please do not hesitate to contact Buzzacott if you require assistance or have any questions, enquiries@buzzacott.co.uk.