IRS to Close Voluntary Disclosure Program

Posted On: March 15th, 2018

The Internal Revenue Service will close the offshore voluntary disclosure program on Sept. 28, 2018. The program has allowed U.S. taxpayers to voluntarily resolve their past noncompliance pertaining to unreported foreign financial assets and failure to file foreign information returns. This program is geared to taxpayers who "willfully" did not declare foreign assets or income and thus, could face potential heavy fines and possible criminal prosecution.

Another current program for taxpayers who are/were unaware of the need to disclose foreign assets or accounts is the Streamlined Offshore Filing Compliance Procedures, this program will remain in effect.

So, if you face the issue of disclosing and reporting foreign assets, the time to act is sooner rather than later.

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