This post was written by Matthew Rak.
The IRS has announced that the Offshore Voluntary Disclosure Program (ODVP) will end September 28, 2018. This marks the close of an opportunity for taxpayers who have previously not disclosed foreign assets to report them. Filing under the ODVP can resolve tax liabilities and minimize punishing civil penalties resulting from unreported foreign assets and income. More importantly, the ODVP protects filers from exposure to criminal liability and incarceration.
To participate in the program, filers must first apply to the IRS for approval to participate in the program. Therefore, it is best to begin the application process well in advance of the upcoming deadline.
If you have questions about the program or foreign income, please call to confidentially discuss your situation with a member of the firm’s Tax, Trusts, & Estates group.