The IRS's Offshore Voluntary Compliance Initiative allowed partial amnesty until April 15, 2003, but some interested taxpayers may still be able to work out a voluntary compliance arrangement with the IRS (see the AICPA Tax Division's International Tax Resource Panel's Reporting Requirements Task Force guides on the IRS offshore voluntary compliance initiative, available to Tax Section members at http://tax.
What does OVCI stand for?
OVCI stands for Offshore Voluntary Compliance Initiative (Internal Revenue Service)
This definition appears somewhat frequently and is found in the following Acronym Finder categories:
- Military and Government
See other definitions of OVCI
- Operational Voltage-Controlled Element (audio engineering)
- Ohio Valley Creation Education Association
- Ohio Valley Construction Employers Council, Inc.
- Onondaga Venture Capital Fund (Syracuse, NY; est. 1985)
- Ontario Venture Capital Fund (limited partnership: Ontario, Canada government and institutional investors)
- Osteoporotic Vertebral Compression Fracture
- Owen Valley Christian Fellowship (Spencer, IN)
- Ojai Valley Community Hospital (Bakersfield, CA)
- Online Vacation Center Holdings Corp
- Ohio Valley Community Health Information Network (now Netwellness; Cincinnati, OH)
- Online Video Communications, Inc.
- Odyssey Video Communications Ltd. (Bangalore, India)
- Orkhon Valley Cultural Landscape (Germany)
- Optic Vesicle Conditioned Medium
- Ohio Valley Christian Music Association (Lower Salem, OH)
- Okanagan Valley College of Massage Therapy Ltd. (Canada)
- Office of the Vice Chancellor for Research
- Ofsted Voluntary Childcare Register (UK)
- Office for Victims of Crime Resource Center
- Office of the Vice Chancellor for Research and Development
Samples in periodicals archive:
Amnesty is open to all individuals and businesses, except taxpayers under criminal investigation or prosecution on tax-related matters, and abusive tax shelter transactions that were eligible for relief under California's Voluntary Compliance Initiative or the 2003 IRS Offshore Voluntary Compliance Initiative," she said.
People have until Tuesday to apply for benefits of the Offshore Voluntary Compliance Initiative (OVCI).
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).
Taxpayers have until April 15, 2003, to request to participate in the IRS' Offshore Voluntary Compliance Initiative as detailed in IRS Revenue Procedure 2003-11.
Taxpayers participating in the federal Offshore Voluntary Compliance Initiative are encouraged to file California amended returns by Oct.
In recent testimony, Treasury clarified that addressing the lack of disclosure of foreign financial accounts has become a priority The IRS's Offshore Voluntary Compliance Initiative allows partial amnesty until April 15, 2003 (see Tax Practice & Procedures, "Amnesty for OffShore Tax Evaders," p.
2003-11, the Offshore Voluntary Compliance Initiative.