OVCI.

• Author: Laffie, Lesli S.
• Position: From The IRS

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). If individuals amend their state returns and pay all tax, penalties and interest by Oct. 15, 2003, they can avoid state prosecution.

The following states are participating California, Idaho, Louisiana, Maryland, Nebraska, New Jersey, New York, North Carolina, Utah and Vermont. More states will likely offer similar treatment to OVCI applicants. Many others are assisting the IRS by sharing information about the OVCI on their websites.

Taxpayers had until April 15, 2003 to apply to participate in the OVCI. Launched in mid-January, it was aimed at...