blogger visitor

Sunday, March 25, 2018

Offshore Voluntary Disclosure Program (OVDP) Closing in September

The OVDP commenced in 2009, and provided a mechanism for U.S. taxpayers who had not complied with various non-U.S. information disclosure and tax payments to square up with the IRS without risk of criminal prosecution, but at the cost of fixed penalties, back taxes, and interest. Over 56,000 taxpayers have used one of its programs. With a steady decline in submissions from 18,000 in 2011 to only 600 in 2017, the IRS has determined to close the program on September 28, 2018. Taxpayers who have been on the fence about joining the program will need to do so before that date.

For now, the other special compliance initiatives for the reporting of foreign financial assets remain in place, principally:

a. IRS-Criminal Investigation Voluntary Disclosure Program;
b. Streamlined Filing Compliance Procedures;
c. Delinquent FBAR submission procedures; and
d. Delinquent international information return submission procedures.

IR-2018-52, March 13, 2018

Post a Comment