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Scott Michel Comments on New IRS Voluntary Disclosure Guidance

July 2, 2012, Tax Notes
Excerpt taken from the article.

The IRS on June 26 released a long-awaited update to frequently asked questions for the latest iteration of the offshore voluntary disclosure program (OVDP), tightening eligibility guidelines for interested taxpayers and announcing a plan to help U.S. citizens living abroad meet their filing responsibilities.

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Scott D. Michel of Caplin & Drysdale called the news "laudable" and praised the IRS for loosening restrictions that would let longtime nonresidents with minimal tax liabilities come back to the U.S. tax system. It is "excellent news for practitioners, in terms of advice we can give to clients," and it will likely be welcome news to the thousands of Americans living overseas," Michel said.

Click here to read the article on updates to the voluntary disclosure FAQs.
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