The IRS announced that the Offshore Voluntary Disclosure Program (OVDP) will end on September 28, 2018. OVDP provides a way for taxpayers who have undisclosed foreign income and assets to come into compliance with U.S. Tax and other laws. The OVDP provides taxpayers with a safe harbor from criminal prosecution and streamlines civil penalties provided that taxpayers fully disclose offshore assets and income.
Taxpayers who have legal source funds invested in undisclosed OVDP assets during the voluntary disclosure period and meet certain other requirements for the OVDP penalty regime need to quickly consider whether they should apply for relief through the OVDP. The voluntary disclosure period is the most recent eight tax years for which the due date has already passed.
The IRS has published a Q&A concerning the OVDP closure. Most importantly, taxpayers wishing to participate in the OVDP must submit their complete disclosure to the IRS by September 28, 2018.
About the Author:
Brad Gould practices in Dean Mead’s Fort Pierce office located in St. Lucie County, Florida. His practice covers the areas of federal income, estate, and gift tax law and business succession planning. He represents businesses and business owners in all types of business and tax matters, including choice of entity, mergers and acquisitions, reorganizations, and other general business matters. Mr. Gould represents individuals, businesses and fiduciaries before the IRS and also counsels clients on estate and wealth preservation planning matters. Additionally, he represents trustees, personal representatives and family members in controversies regarding wills, trusts and estates. Mr. Gould is also a Certified Public Accountant. He may be reached at email@example.com.