March 14, 2018

 

The IRS to End the Offshore Voluntary Disclosure Program. 

 

Yesterday, the IRS announced that by September 28, 2018 it will close its Offshore Voluntary Disclosure Program (OVDP).  The program was initially instituted in 2009 and its subsequent versions were launched in 2012 and 2014.  

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A program separate from the OVDP, which is known as the Streamlined Filing Compliance Procedures and is administered in its two distinct versions (Domestic and Offshore), will remain operational.  The IRS, however, has indicated that at some point that program may also come to an end.  

 

IMPORTANT DISCLOSURES

 

The presented here information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

 

The information contained herein is of a general nature and based on authorities that are subject to change.  Moreover, the information is presented here for educational purposes and is not specific to any individual’s personal circumstances.  As such, this information should not be used for the purpose of avoiding penalties that may be imposed by law.  A determination as to how your specific circumstances may relate to the presented material should be made by means of a consultation with your tax adviser.

Cezary Tchorznicki, CPA LLC does not provide legal or investment advice.