Offshore Voluntary Disclosure Program (OVDP) to End

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

The IRS announced that the Offshore Voluntary Disclosure Program (OVDP) is ending on September 28, 2018. The program is a form of tax amnesty that allows U.S. taxpayers with unreported foreign accounts to avoid criminal charges and pay reduced civil penalties by making voluntary disclosures to the IRS. The IRS noted that, by alerting taxpayers to the closure now, it intends to provide U.S. taxpayers with undisclosed foreign financial assets time to avail themselves of the OVDP before the program closes. Read the entire announcement here:

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