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Tax Lawyer > Blog > IRS Amnesty > The I.R.S. is terminating the Offshore Voluntary Compliance Program on Sept 28, 2018

The I.R.S. is terminating the Offshore Voluntary Compliance Program on Sept 28, 2018

Update on I.R.S. Amnesty Programs for Americans taxpayers with unreported income and unreported foreign accounts.

The Internal Revenue Service has announced that the Offshore Voluntary Compliance Program will terminate on September 28, 2018. (The IRS Streamlined Filing Compliance Program will remain)

This Offshore Voluntary Compliance Program is a separate I.R.S. Program that waives certain serious penalties but asserts a much higher overall penalty than the Streamlined Procedure and it assures taxpayers that they will have a perfectly clean slate.

This is your last chance.

If a Taxpayer is concerned that his or her failure to report income, pay tax and submit required information returns was due to willful conduct and who wants more assurances that they will not be subject to criminal inability and/or substantial monetary penalties, that taxpayer should consider participating in the Offshore Voluntary Disclosure Program (OVDP) and should consult with their professional tax or legal advisers ASAP, before the IRS ends the OVDP on September 28, 2018.

Once this program ends the IRS will be looking for offshore unreported income. The penalties, fines and taxes that can result from unreported foreign income could be life ruining.

The Amnesty Program must be handled by professionals who know what they are doing.

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