ARTICLE · 13 APRIL 2018

End Of US Offshore Voluntary Disclosure Program

Baker McKenzie

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On March 13, 2018, the US Internal Revenue Service (IRS) announced that it will end the 2014 Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018.

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Abrahm W. Smith

Elliott H. Murray

On March 13, 2018, the US Internal Revenue Service (IRS) announced that it will end the 2014 Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. US taxpayers with undisclosed foreign (non-US) financial assets should speak with their US tax advisor before the close of the program.

Highlights

OVDP will close on September 28, 2018.
IRS will continue the following programs:
- Streamlined Filing Compliance Procedures;
- Delinquent FBAR Submission Procedures; and
- Delinquent International Information Return Submission
US taxpayers with undeclared foreign financial assets should consider their compliance options and, if advisable, apply for entrance in the OVDP by September 28,

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