The IRS Will End Its Offshore Voluntary Disclosure Program Soon


The IRS Will End Its Offshore Voluntary Disclosure Program Soon
The IRS Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018. Taxpayers with undisclosed foreign financial assets still have time to use the OVDP before the deadline. The IRS states that disclosures “must be must be received or postmarked by September 28, 2018 and may not be partial, incomplete, or placeholder submissions.”

Why Is the Program Ending?

The IRS answered this in frequently asked questions on its website stating: “While the program has been successful in the past, there has been a significant decline in the number of taxpayers participating as well as an increase in awareness of offshore tax and reporting obligations.”

The IRS previously stated that the 2014 program would end at some time and announced the closing earlier this year.

To read more of the FAQs from the IRS, visit https://www.irs.gov/individuals/international-taxpayers/closing-the-2014-offshore-voluntary-disclosure-program-frequently-asked-questions-and-answers

Contact us about how to proceed if you have undisclosed foreign assets.