States Offer Attractive Voluntary Disclosure Options For Off-Shore Account Holders

States Offer Attractive Voluntary Disclosure Options For Off-Shore Account
Holders

WASHINGTON, May 26 /PRNewswire-USNewswire/ -- Many U.S. states have recently
adopted attractive voluntary disclosure programs for taxpayers with
undisclosed off-shore accounts. The benefits of a state tax amnesty or
voluntary disclosure program can be even more advantageous than the current
IRS policy.

"We have worked with clients across the country to qualify them for the
various state amnesty and state-based voluntary disclosure programs in
conjunction with making a voluntary disclosure to the IRS," said Jim
Mastracchio, a partner with Caplin & Drysdale, who represents many individuals
with off shore accounts.

Some state-based voluntary disclosure programs can include full penalty
abatement, immunity from state criminal prosecution, and a limit to the number
of years of tax returns that need to be amended. The recent increase in state
amnesty and other state-sponsored voluntary disclosure programs appear to be
sparked by the IRS' March 23, 2009, decision to offer a 6-month penalty
reduction option for those making voluntary disclosures to the IRS.

"To qualify for most of the state voluntary disclosure programs, the taxpayer
must make an application directly to the state taxing authority in accordance
with the state's particular rules and regulations. Simply filing amended
state tax returns is not sufficient," Mastracchio added.

To discuss a particular state voluntary disclosure program or the new IRS
voluntary disclosure policy in general, please contact Jim Mastracchio at
(202) 862-8859.

About Caplin & Drysdale
A leading law firm, Caplin & Drysdale provides a full range of tax and legal
services to companies, organizations, and individuals throughout the United
States and around the world.

The firm also offers corporate law counseling, white collar defense, political
activity law counseling, exempt organization counseling, complex civil
litigation services, and employee benefits counseling. Visit www.capdale.com
for more information.

SOURCE Caplin & Drysdale

Heather Maurer of Caplin & Drysdale, +1-202-862-7857; or Ufuoma Otu,
+1-202-449-9804, for Caplin & Drysdale