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IRS and OVDI IRSMedic: Parent & Parent LLP 144 S. Main St Wallingford, CT 06492 Phone: (203) 269-6699

IRS, OVDI & Fraudulent refunds: Success has many fathers, failure an orphan. As its proud press release this past January declared, the IRS collected 4.5 billion dollars during its first two Offshore Voluntary Disclosure Initiatives (OVDI) from US taxpayers who came clean to report foreign income and accounts. Now $4.5 billion, a handsome figure indeed, is relatively large when compared to say a company’s value, but is not actually not all that substantial when compared to federal expenditures. In a previous post, I noted that the 4.5 billion dollars the OVDI program brought in pays for about 11 hours of federal spending. Yep. From midnight on any given day until right about the time “The Price is Right” comes on, later the same day — the OVDI program paid for all of that federal spending (H/T to iowahawk for getting me to think about federal spending on the proper scale).

©2012 CBS Interactive

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