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IRS To End Offshore Voluntary Disclosure Program

The sun is setting on the IRS Offshore Voluntary Disclosure Program on September 28, 2018.
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Initially launched in 2009, the Offshore Voluntary Disclosure Program (OVDP) offers taxpayers with undisclosed income from offshore accounts an opportunity to voluntarily get current with their tax returns by disclosing foreign accounts and paying limited civil penalties instead of risking detection by the IRS and exposure to potential criminal prosecution. In a recent News Release, the IRS announced that it will shut down the program on 9/28/18.

By alerting taxpayers now, the IRS hopes that those with undisclosed foreign financial assets will have enough time to take advantage of the OVDP before it closes. The IRS will continue to fight offshore tax avoidance through taxpayer education, whistleblower leads, civil examination, and criminal prosecution. Also, taxpayers who were unaware of their filing obligations are still able to use the Streamlined Filing Compliance Procedures program. News Release IR 2018-52.

Sunset

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