TAX ALERT – IRS is ending its Offshore Voluntary Disclosure Program (OVDP) on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have a very short window of time to use the OVDP before the program closes. The IRS announcement, located here, states in relevant part as follows:
“Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, we have been clear that we would close the program at the appropriate time, and […]