IRS will end the Offshore Voluntary Disclosure Program (OVPD) on September 28, 2018

The program was initiated in 2009 and allows U.S. taxpayers who previously did not report the offshore income and assets to voluntarily resolve the past non-compliance in exchange for a protection from criminal liability and a limit on civil penalty exposure.

According to the IRS, “while the program has been successful in the past, there has been a significant decline in the number of taxpayers participating as well as an increase in awareness of offshore tax and reporting obligations.”

IRS will continue offering the following disclosure options:

  • IRS-Criminal Investigation Voluntary Disclosure Program;
  • Streamlined Filing Compliance Procedures;
  • Delinquent FBAR submission procedures; and
  • Delinquent international information return submission procedures.