Offshore Voluntary Disclosure Program Closing: OVDP
The Offshore Voluntary Disclosure Program is a program designed specifically for taxpayers with exposure to potential criminal liability and/or civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect to those assets.
On the 28th September 2018 the IRS will be closing the 2014 OVDP. This is due to a significant decline in the number of taxpayers participating as well as an increase in awareness of offshore tax and reporting obligations.
It should be notes, that the closing of the 2014 OVDP does not end nor lessen the IRS’s priorities towards offshore tax compliance. The IRS enforce offshore compliance with tax and FBAR requirements using information received under the Foreign Account Tax Compliance Act (FATCA) and so on.
Deadline for submitting a 2014 OVDP
All offshore voluntary disclosures conforming to the requirements of the 2014 OVDP filing procedure must be received or post marked by the 28th September 2018.