The information provided on the submission form will be used to assist in timely determination of acceptance into the Voluntary Disclosure Program. Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution, including penalty sections 6651, 6035, 6038, 6046, 6048, 6651, and 6662.
New Form 15023 is part of the Decline and Withdrawal Campaign #208, related to Offshore Voluntary Disclosure Program (OVDI) taxpayers. Failure to collect this information will prevent the IRS from determining accurately the risk of noncompliance and causing public harm by a misallocation of resources for determining compliance. Taxpayers are required to complete and submit this form with their response to Letter 5935. Information in this form will allow the Internal Revenue Service (IRS) to associate any responses accordingly. The purpose of the soft letter is to gather additional, time sensitive information to determine if the risk of noncompliance warrants examination. Significant delays in gathering supplemental information can lead to imminent and barred statutes, hindering IRS from meeting its mission. These associated tax returns are not under examination and preemptively soliciting a statute extensions is not warranted. In order to maintain the integrity of the OVDP program and campaign the soft letter must be sent in a timely manner. IRS cannot issue soft letters without the associated cover letter which has been converted into a form for consistency purposes.
US Code:
26 USC 6046
Name of Law: Returns as to organization or reorganization of foreigncorporations and as to acquisitions of their
US Code:
26 USC 6048
Name of Law: Information with respect to certain foreign trusts
US Code:
26 USC 6651
Name of Law: Failure to file tax return or to pay tax
US Code:
26 USC 6662
Name of Law: Imposition of accuracy-related penalty on underpayments
US Code:
26 USC 6038
Name of Law: Information reporting with respect to certain foreigncorporations and partnerships
New Form 15023 is part of Campaign #208, related to OVDP taxpayers. Taxpayers are required to complete and submit this form with their response to Letter 5935. Information in this form will allow the Internal Revenue Service (IRS) to associate any responses accordingly.
The creation of the Offshore Compliance Status Response form will create an increase in the estimated number of responses by 569/year (from 474,000 to 474,569) and an estimated annual time burden increase of 1,138 hours/year (from 757,000 to 758,138) .
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 15023 Offshore Compliance Status Response
IRS Response to Treasury OVDP - Streamlined request for public comment (CI forms) 2-8 (2).docx
2017-10-05 SS 1545-2241r.doc
Offshore Compliance Status Response