IRS Announces Updated Disclosure Procedures

On November 29, 2018, the Internal Revenue Service (IRS) unveiled its updated Voluntary Disclosure Program, following the conclusion of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018.  The new procedures are effective for all...

IRS to End Offshore Voluntary Compliance Program September 28, 2018

On September 4, 2018, the Internal Revenue Service issued a reminder that taxpayers with undisclosed foreign financial assets have until September 28, 2018, to file a disclosure under the Offshore Voluntary Disclosure Program (OVDP).   The OVDP la...

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...

IRS Is Denying Passports for Seriously Delinquent Tax Debtors

Taxpayers preparing to travel internationally may soon have to change their plans if they are behind on their taxes.  Earlier this week, the IRS “strongly encouraged” individuals with “seriously delinquent tax debts” to pay what they owe or enter int...