Taxpayers with Foreign Assets Beware: IRS Offshore Voluntary Disclosure Program is Ending

The Internal Revenue Service (IRS) recently announced that it plans to close the Offshore Voluntary Disclosure Program (OVDP) on Sept. 28, 2018. In general, U.S. taxpayers have an obligation to disclose offshore accounts or assets. The OVDP allows taxpayers to voluntarily resolve their past noncompliance. Over $11.1 billion in back taxes, interest and penalties have