By DLA PIPER Insights
The IRS recently announced that it will end the 2014 Offshore Voluntary Disclosure Program (2014 OVDP) on September 28, 2018.
The 2014 OVDP is the most recent iteration of the IRS’s offshore voluntary disclosure programs that were first announced in 2009. Taxpayers with unreported (closed or existing) bank accounts or foreign financial assets should contact tax counsel as soon as possible to discuss options for coming into compliance.
The IRS cites the significant decline in the number of taxpayers participating in the program as well as an increased awareness of US tax and reporting obligations as reasons for the termination of the program. However, “the IRS remains actively engaged in ferreting out the identities of those with undisclosed foreign accounts with the use of information resources and increased data analytics,” according to Don Fort, Chief, IRS Criminal Investigations. “Stopping offshore tax noncompliance remains a top priority for the IRS,” and the IRS’s new International Tax Enforcement Group is anticipated to be fully operational this year.
Compliments of DLA PIPER , a member of the EACCNY