The IRS 2011 OVDI FAQs have been expanded and updated as follows:
25.1 (New). Provides for good faith extensions to the 8/31/11 deadline.
51 (Updated) Discusses the Opt Out procedure. Reminds taxpayers that Opting Out will entail a full scope examination in which taxpayers must cooperate to get the benefit of being in the VD program and that, if additional issues not disclosed are found, CI might institute a criminal examination.
51.1 (New) Gives examples of when it might be favorable to opt out.
51.2 (New) Gives examples of when it might be favorable not to opt out.
51.3 (New) Another reminder that the audit from an an opt out may identify other noncompliance which, if not disclosed by the taxpayer in his or her OVDI submissions, could result in criminal investigation and possible prosecution.
52. (Updated) Adds a new category. (See prior discussion of FAQ 52 here.)
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