The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program ("OVDP") on 28 September 2018. The OVDP provides non-compliant taxpayers with a fixed penalty scheme and protection from criminal prosecution for failing to file correct and complete U.S. Federal tax returns and non-U.S. financial account disclosures (typically referred to as "foreign bank account reports" or "FBARs"). Taxpayers who have any concerns about their U.S. Federal tax payment or reporting obligations should contact a U.S. international tax professional immediately to discuss potential disclosure options and deadlines.
— Butler Snow International Tax Team
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