The IRS announced the latest results of its offshore voluntary compliance initiative (OVCI) on February 10 2003. The OVCI is tax amnesty that allows taxpayers involved in illegal tax shelters to pay previously undeclared tax liabilities to avoid criminal prosecution and some penalties. The scheme, which ran from January 14 2003 to April 15 2003, produced more than $170 million in taxes, interest and penalties.
February 15 2004