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ARTICLE · 30 JUNE 2014

IRS Changes The Streamlined Filing Compliance Procedures And Offshore Voluntary Disclosure Program (OVDP)

Holland & Knight
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The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the OVDP.

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Leigh-Alexandra Basha is a Partner in the Northern Virginia office and Severiano Oritz an Associate in the Chicago office.

HIGHLIGHTS:

  • The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the Offshore Voluntary Disclosure Program (OVDP) on June 18, 2014.
  • Effective July 1, 2014, the IRS is making it easier for individuals to qualify for the new Streamlined Procedures. Anyone affected by the Streamlined Procedures and the OVDP should have their individual situation reviewed to determine the most advantageous route in light of these new rules.
  • This alert is not meant to be a thorough review of all the rules, but to alert taxpayers to the new procedures. Taxpayers should seek legal advice for their specific situation.

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