Bye Bye John…but what about amnesty programs?

As expected, IRS Commissioner John Andrew Koskinen will step down in November.  It is expected that this may have implications for 2 key offshore voluntary compliance programs that we cover for many of our international clients.

These are –

1. The streamlined initiative

and

2. The OVDP

http://www.derrenjoseph.com/2015/02/streamlined-foreign-offshore-procedures.html

Note: The above reference link was live on October 2017, but it has since been taken down.

After being tapped by President Obama, Commissioner Koskinen was sworn in as IRS Chief in December 2013.  By June 2014, major changes in the offshore voluntary compliance programs were announced –

https://www.irs.gov/newsroom/irs-makes-changes-to-offshore-programs-revisions-ease-burden-and-help-more-taxpayers-come-into-compliance

Earlier this week, President Trump named Assistant Treasury Secretary for Tax Policy – David Kautter as acting commissioner of the IRS.  David Kautter will serve in both posts until a new commissioner is named.

Time to take advantage of the offshore voluntary compliance programs now!

Watch this space

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