IRS Alerts Taxpayers with Undisclosed Foreign Assets to Come Forward Now
Posted on 03.26.18
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.
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.
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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