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The Ambassador stated that the IRS will announce a new program for US citizens living in Canada who have not filed US tax returns. The plan, as I understand it, is that these people will be able to get into the system without penalty. This goes for tax and FBAR filing.
The major requirements to participate will be something along the lines of:
People who qualify for the new program, but have already entered the 2009 or 2011 disclosure programs, will be able to switch to this program.
Since this is not an official IRS announcement and few details are included, affected persons shouldn't yet rely on it. Today an IRS agent who is involved in the 2011 OVDI program told one of my partners he believes the announcement is correct.
I'm hoping for a comprehensive plan that yields better results than the 2009 and 2011 plans.
The full Globe and Mail article can be found here.
I've written on the subject of the Offshore Voluntary Disclosure Initiative before and those posts can be found here.
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