Offshore Voluntary Disclosure Program

On March 13, 2018, the IRS announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018. This program has been in place since 2009.

In general, US persons, that is, citizens and residents of the US, must report their worldwide income on their US income tax returns. They also must

The IRS announced a third voluntary disclosure program for offshore accounts recently.  The IRS has conducted two prior voluntary disclosure programs – one in 2009 and one in 2011.  According to the IRS, it had 33,000 disclosures from the 2009 and 2011 programs.  The Service has closed approximately 95% of the 2009 cases and collected