The Offshore Voluntary Disclosure Program, which offers US
taxpayers the chance to pay substantially less in back taxes,
interest, and penalties on unreported offshore accounts and assets,
will close come September 28. The Internal Revenue Service aims to
stay actively engaged in the international tax arena, so taxpayers
with unreported offshore accounts and assets should consider
whether to enter the program before it ends—doing so means
reduced penalties and the opportunity to avoid criminal prosecution
for failing to report foreign accounts and assets.
The Internal Revenue Service (IRS) announced on March 13 that it
will close the Offshore Voluntary Disclosure Program (OVDP) on
September 28, 2018. The OVDP, which has been in effect since March
2009, has allowed US taxpayers with unreported foreign bank
accounts and other foreign financial assets to pay reduced monetary
penalties, tax, and interest owed, and, most importantly, to avoid
criminal prosecution.
