OVCI. (From The IRS).According to IR 2003-46, 10 states will grant special consideration to taxpayers who applied by April 15, 2003 for the IRS's Offshore Voluntary Compliance Initiative (OVCI OVCI Offshore Voluntary Compliance Initiative (Internal Revenue Service) ). If individuals amend their state returns and pay all tax, penalties and interest by Oct. 15, 2003, they can avoid state prosecution. The following states are participating California, Idaho, Louisiana, Maryland, Nebraska, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Utah and Vermont. More states will likely offer similar treatment to OVCI applicants. Many others are assisting the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. by sharing information about the OVCI on their websites. Taxpayers had until April 15, 2003 to apply to participate in the OVCI. Launched in mid-January, it was aimed at individuals who used offshore payment cards or other offshore financial arrangements to avoid U.S. taxes. The IRS has already collected millions of dollars from the compliance project. (For details on the OVCI, see Rosenberg and Frishman, Tax Practice and Procedures, "Amnesty for Offshore Tax Evaders," TTA TTA Telecommunications Technology Association (Korea) TTA Teacher Training Agency (UK) TTA Triangle Transit Authority (Raleigh/Chapel Hill/Durham, North Carolina, USA) , April 2003, p. 226, and Godfrey, "Amnesty Participation Requirements," TTA, April 2003, p. 228.) For more information, see the "Frequently Asked Questions" section of the IRS's Website, at www.irs.gov. |
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