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 launched in 2009 as a means for taxpayers to voluntarily past noncompliance related to unreported foreign income or foreign financial assets and failure to file foreign information returns, such as the FBAR.  Since 2009, more than 56,000 taxpayers have...