In January 2012, the IRS announced a new Offshore Voluntary Disclosure Program (OVDP) available to taxpayers with undisclosed foreign assets. The 2012 OVDP is similar to the IRS’ 2009 OVDP and 2011 OVDI, but the 2012 OVDP is (for the time being) open-ended. The 2012 OVDP is designed to allow taxpayers to come clean with the certainty that they will not face criminal prosecution for not previously disclosing their overseas accounts. Taxpayers have the added benefit of receiving a fixed penalty structure for settlement of past non-compliance.
There are few challenges greater than watching a loved one descend into the depths of drug and alcohol abuse. Lives can be shattered, fortunes squandered, aptitude and potential wasted, and relationships often strained to the breaking point. The damage is two-fold: the abuser’s self-destructive behavior not only hurts his or her own life, but unintentionally inflicts harm on friends, families, coworkers, and neighbors