IRS: Offshore Voluntary Compliance Program to end Sept. 28

IR2018176, Sept. 4, 2018

IR2018176, Sept. 4, 2018

WHINGTON – The Internal Revenue Service today reminded taayers they have until Sept. 28 to apply for the Offshore Voluntary Disclosure Program (OVDP). 

WHINGTON – The Internal Revenue Service today reminded taayers they have until Sept. 28 to apply for the Offshore Voluntary Disclosure Program (OVDP). 

Since the OVDP’s initial launch in 2009, more than 56,000 taayers have used the various terms of the program to comply voluntarily with U.S. tax laws. These taayers with undisclosed offshore accounts have p a total of $11.1 billion in back ts, interest and penalties. The planned end of the current OVDP also reflects advances in thirdparty reporting and increed awareness of U.S. taayers of their offshore tax and reporting obligations.

Since the OVDP’s initial launch in 2009, more than 56,000 taayers have used the various terms of the program to comply voluntarily with U.S. tax laws. These taayers with undisclosed offshore accounts have p a total of $11.1 billion in back ts, interest and penalties. The planned end of the current OVDP also reflects advances in thirdparty reporting and increed awareness of U.S. taayers of their offshore tax and reporting obligations.

In March, the IRS announced the program would end on Sept. 28, 2018. The IRS will continue to hold taayers with undisclosed offshore accounts accountable after the program closes.

In March, the IRS announced the program would end on Sept. 28, 2018. The IRS will continue to hold taayers with undisclosed offshore accounts accountable after the program closes.

The number of taayer disclosures under the OVDP peaked in 2011, when about 18,000 people came forward. The number steadily declined through the , falling to only 600 disclosures in 2017.

The number of taayer disclosures under the OVDP peaked in 2011, when about 18,000 people came forward. The number steadily declined through the , falling to only 600 disclosures in 2017.

Since the announcement, the IRS h not receed any public comments addressing a continued need for the OVDP. The IRS will maintain a pathway for taayers who may have committed criminal acts to voluntarily disclose their pt actions and come into compliance with the tax system. Updated procedures will be announced soon.

Since the announcement, the IRS h not receed any public comments addressing a continued need for the OVDP. The IRS will maintain a pathway for taayers who may have committed criminal acts to voluntarily disclose their pt actions and come into compliance with the tax system. Updated procedures will be announced soon.

Separately, the IRS continues to offshore tax avoidance and evion using whistleblower leads, cil examination and criminal prosecon. Since 2009, 1,545 taayers have been indicted related to international actities through the work of IRS Criminal Investigation.

Separately, the IRS continues to offshore tax avoidance and evion using whistleblower leads, cil examination and criminal prosecon. Since 2009, 1,545 taayers have been indicted related to international actities through the work of IRS Criminal Investigation.

A separate program, the Streamlined Filing Compliance Procedures, for taayers who may have been unaware of their filing obligations, h helped about 65,000 additional taayers come into compliance. These streamlined procedures will continue to be available for now, but with OVDP, the IRS h s it may end this program too at some point.

A separate program, the Streamlined Filing Compliance Procedures, for taayers who may have been unaware of their filing obligations, h helped about 65,000 additional taayers come into compliance. These streamlined procedures will continue to be available for now, but with OVDP, the IRS h s it may end this program too at some point.

The implementation of the Foreign Account Tax Compliance Act (FATCA) and the ongoing efforts of the IRS and the Department of Justice to ensure compliance by those with U.S. tax obligations have raised awareness of U.S. tax and information reporting obligations related to undisclosed foreign financial sets.  Taayers who made nonwillful mistakes or omissions on their tax returns should file amended returns or delinquent returns soon possible. 

The implementation of the Foreign Account Tax Compliance Act (FATCA) and the ongoing efforts of the IRS and the Department of Justice to ensure compliance by those with U.S. tax obligations have raised awareness of U.S. tax and information reporting obligations related to undisclosed foreign financial sets.  Taayers who made nonwillful mistakes or omissions on their tax returns should file amended returns or delinquent returns soon possible. 

Full details of the options available for U.S. taxpayers with undisclosed foreign financial assets can be found on IRS.gov.

Full details of the options available for U.S. taxpayers with undisclosed foreign financial assets can be found on IRS.gov.


Source

Leave a Reply