Printer friendly

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

Samples in periodicals archive:

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.
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.
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 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.