The IRS has announced that it will begin winding down its
Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018.
Under the OVDP, a taxpayer with undisclosed foreign assets or
income could come forward to pay tax, interest and reduced
penalties in exchange for immunity from criminal prosecution. The
IRS will continue its separate Streamlined OVDP, which is only
available to certain taxpayers unaware of their international
reporting obligations.
The IRS made the announcement now in order to give taxpayers who
may still want to come forward time to do so. "Taxpayers have
had several years to come into compliance with U.S. tax laws under
this program," said Acting IRS Commissioner David Kautter in a
statement. "All along, we have been clear that we would close
the program at the appropriate time, and we have reached that
point. Those who still wish to come forward have time to do
so."
