IRS OVDP To Shut Down in September

The IRS has announced that it will shut down the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The OVDP, which started in 2009, allows taxpayers to voluntarily disclose offshore bank accounts and assets that were not originally reported on their tax returns and Reports of Foreign Bank & Financial Accounts (FBARs). Thousands of U.S. taxpayers have used the program in recent years to report their assets to the IRS, paying civil penalties in exchange for amnesty from crimi...