Offshore Voluntary Disclosure Program Ending – Taxpayers Urged to Come Forward ASAP
The IRS has announced that the Offshore Voluntary Disclosure Program is coming to an end September 28, 2018. https://www.irs.gov/newsroom/irs-to-end-offshore-voluntary-disclosure-program-taxpayers-with-undisclosed-foreign-assets-urged-to-come-forward-now
Taxpayers with undisclosed foreign assets are urged to come forward and disclose those assets now.
“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.”
The Streamlined Procedures for those who qualify will still be in effect for now. However, The Streamlined Procedures may be terminated at some time in the future.
If you have undisclosed foreign assets, it is important to meet with a tax attorney right away who can help you come into full compliance with the federal tax laws.