Offshore Voluntary Disclosure Program Ending This Week
This article organizes the original guidance on offshore voluntary disclosure program ending this week into clear sections for easier reading and reference.
Overview
This opening section presents the main context from the original post.
As we previously reported, the Internal Revenue Service (IRS) will close the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The OVDP was launched in 2009 to encourage compliance with foreign asset reporting, allowing U.S. taxpayers a way to avoid criminal prosecution for failing to report foreign accounts.
The program collected roughly $11.1 billion in back taxes, interest, and penalties from more than 56,000 participating taxpayers. The IRS noted that after the program ends, it will continue to make offshore tax avoidance a top priority.
The Streamlined Filing Compliance Procedures will remain in place as an option for taxpayers who might not have been aware of their reporting obligations. The IRS has warned, however, that it may end the streamlined procedures program at some point as well.
We have extensive experience helping taxpayers handle missed reporting obligations for offshore accounts. If you would like to learn more, please contact us.
Related Resources
These resources connect the article topic with related Bowers service pages and approved professional reading.
FAQ
The questions below summarize the main points already covered in the article.
What is the main focus of Offshore Voluntary Disclosure Program Ending This Week?
The article focuses on offshore voluntary disclosure program ending this week and organizes the original guidance into sections for easier review.
Does the post include action items or reminders?
Yes. The original post includes listed items that have been kept in list format for easier scanning.
Was the original post wording changed?
The revision keeps the author wording and updates the structure so the post is easier to read online.