IRS: Offshore Voluntary Compliance Program to end Sept. 28

Taxpayers have until Sept. 28 to apply for the Offshore Voluntary Disclosure Program.

The planned end of the current OVDP reflects advances in third-party reporting and increased awareness of U.S. taxpayers of their offshore tax and reporting obligations.

IRS announced the impending end of the program in March, but it will continue to hold taxpayers with undisclosed offshore accounts accountable after the program closes.

Since the announcement, the IRS has not received any public comments addressing a continued need for the OVDP. The IRS will maintain a pathway for taxpayers who may have committed criminal acts to voluntarily disclose their past actions and come into compliance with the tax system. Updated procedures are expected to be announced soon.