The Countdown Has Begun - Long-Standing US Tax Amnesty Program Ends September 2018

The IRS recently announced the end of the Offshore Voluntary Disclosure Program (OVDP) by 28 September 2018. Clients should be prepared to act quickly.

The recent increased publicity and awareness of FATCA has prompted many US citizens and green card holders residing in Asia to come to terms with their US tax and reporting obligations. Through conversations with US qualified lawyers and accountants, US taxpayers living abroad have come to learn that they are required to report their worldwide income even though they have lived and worked in Asia for many years. Even those US taxpayers who have been filing regularly have learned that they may have left out an item of income or a required information return, perhaps in relation to a non-US financial account, an ownership interest (however small) in a non-US company, or a gift received from a non-US family member.