Share on LinkedInShare on LinkedIn

ARTICLE · 29 JUNE 2014

US Announces Changes To The Offshore Voluntary Disclosure Programs

Withers LLP
Withers LLP
Contributor
Withers LLP

Withers LLP

Withers is an international law firm focused on the personal, business and philanthropic interests...

View firm profile
Explore more from Withers LLP

The IRS announced major changes to its offshore voluntary compliance programs, resulting in new guidance for taxpayers overseas and those in the US.

United StatesTax
Seth Cohen
Seth Cohen
David Moise
David Moise
Michael Parets
Michael Parets
Jay Rubinstein
Jay Rubinstein
Jay Krause
Jay Krause
Erik Wallace
Erik Wallace
Kristin Konschnik
Kristin Konschnik
Author LinkedIn connections

On 18th June the US Internal Revenue Service (IRS) announced major changes to its offshore voluntary compliance programs, resulting in new guidance for both taxpayers overseas and those residing in the US. The changes include:

  1. Modifications to the 2012 Offshore Voluntary Disclosure Program (OVDP); and
  2. An expansion of the 'streamlined' filing compliance procedures announced in 2012

The expanded streamlined procedures are intended for US taxpayers whose failure to disclose their offshore assets was non-wilful. However, modifications to the OVDP will increase penalties payable for certain taxpayers.

Changes to the OVDP

 * Taxpayers who do not meet certain deadlines under the 2014 OVDP will be subject to a 50% penalty either:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

GENIUS Act Crypto Tax Guide 2025-2026: What US Investors, Businesses, And Taxpayers Need To Know About The New Stablecoin Law, Form 1099-DA, And Digital Asset Regulation

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.
United StatesTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

IRS Proposes New Racial Nondiscrimination Regulations For Tax-exempt Private Schools

The US Treasury and IRS have proposed regulations that would eliminate longstanding exceptions allowing tax-exempt private schools to maintain race-conscious admissions and scholarship policies. Following the Supreme Court's decision in Students for Fair Admissions v. Harvard, these rules would apply to all private educational institutions, including K-12 schools not directly affected by that ruling, and could result in loss of tax-exempt status for noncompliance.
United StatesTax
McDermott Will & Schulte
McDermott Will & Schulte
Article

Proposed IRS And Treasury Rules Tie Racial Nondiscrimination To Tax-Exempt Status For Private Schools And Universities

On September 3, 2026, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations under Section 501(c)(3) that could materially affect private education in the United States. The proposal would apply a broad nondiscrimination standard based on race, color and national or ethnic origin, with significant implications for private schools, colleges and universities seeking or maintaining tax-exempt status under Section 501(c)(3).
United StatesTax
Buchanan Ingersoll & Rooney
Buchanan Ingersoll & Rooney
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

Navigating Florida’s New Trust, Probate And Series LLC Statutes

Florida has enacted significant statutory changes affecting trust administration, probate procedures, and business entity formation. These reforms introduce streamlined nonjudicial processes for trustee discharge, expand access to simplified probate administration, and establish a new framework for protected series LLCs that offers enhanced asset protection and operational flexibility for estate planners and business owners.
United StatesWealth Management
Withers LLP
Withers LLP
Article

Flexible Working In 2027: The UK Government Reveals Further Details Of Upcoming Reforms

The UK government has published its response to consultation on flexible working reforms, introducing a new reasonableness test for employers refusing requests from 2027. The reforms will require employers to meet with employees before rejecting applications and explain why refusal is reasonable, while consultation data reveals significant gaps between employer and employee perceptions of the current system.
United KingdomEmployment and HR
Withers LLP
Withers LLP
Article

Subscription Contracts: What Businesses Need To Know About The New UK Cancel Culture

The UK government has accelerated the implementation of new subscription contract rules under the Digital Markets, Competition and Consumers Act 2024, moving the enforcement date to January 2027. These regulations introduce stricter transparency requirements at sign-up, mandatory cooling-off periods including a new renewal cooling-off window, and simplified cancellation processes designed to eliminate 'subscription traps' that lock consumers into unwanted recurring payments.
United KingdomConsumer Protection
Withers LLP
Withers LLP
Article

Over Two Thirds Of Charities Report A Rising Demand For Services Over The Past Year

The Charities Aid Foundation's World Giving Report reveals that two-thirds of charities are experiencing increased demand for services while facing significant funding challenges. With restricted funding streams and depleting reserves, many organizations struggle to maintain operations, raising critical questions about the sector's long-term sustainability and the need for more flexible funding approaches.
United KingdomCorporate/Commercial Law
Withers LLP
Withers LLP
Article

Navigating Japan's Foreign Investment Rules: Key Requirements And The 2026 Reform Update

Japan's Foreign Exchange and Foreign Trade Act amendments, promulgated in June 2026, introduce significant changes to foreign direct investment screening procedures. These modifications expand regulatory oversight to include indirect acquisitions, mandate reporting of risk mitigation measures, and grant authorities enhanced powers to address national security concerns even after transactions are completed.
JapanGovernment, Public Sector
Withers LLP
Withers LLP