IRS Alerts Taxpayers with Undisclosed Foreign Assets to Come Forward Now

Posted on 03.26.18

IRS Alerts Taxpayers with Undisclosed Foreign Assets to Come Forward Now

The Offshore Voluntary Disclosure Program, OVDP, which provided U.S. taxpayers the opportunity to voluntarily comply with IRS tax requirements surrounding foreign financial assets is being phased out. The IRS announced the program will close September 28, 2018.  

The IRS is urging taxpayers with undisclosed foreign financial assets to take advantage of the program and come into compliance before the closing deadline.

“Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, we have been clear that we would close the program at the appropriate time, and we have reached that point. Those who still wish to come forward have time to do so.”

According to the IRS, since the OVDP’s initial launch in 2009, more than 56,000 taxpayers have used one of the programs to comply voluntarily. All told, those taxpayers paid a total of $11.1 billion in back taxes, interest and penalties. The planned end of the current OVDP also reflects advances in third-party reporting and increased awareness of U.S. taxpayers of their offshore tax and reporting obligations.

Access article.

Full details of the options available for U.S. taxpayers with undisclosed foreign financial assets can be found on IRS.gov.


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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.