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OVCI
(redirected from Offshore Voluntary Compliance Initiative)

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AcronymDefinition
OVCIOffshore Voluntary Compliance Initiative (Internal Revenue Service)
OVCIOnline Video Communications, Inc.


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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.
IRS Offshore "Amnesty" On January 14, 2003, the IRS announced an initiative, IR-2003-5, designated the Offshore Voluntary Compliance Initiative (OVCI), to allow taxpayers to avoid criminal prosecution, the civil tax fraud penalty, and certain information return penalties (17) if a specific process for correcting past misconduct is followed.
 
 
 
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