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IRS to end Offshore Voluntary Disclosure Program

Wednesday, March 21, 2018 @ 9:07 AM | By Veronika Chang

On March 13, 2018,  the Internal Revenue Service (IRS) announced it will begin to “ramp down” the 2014 Offshore Voluntary Disclosure Program (OVDP) and close it Sept. 28.

In 2009, the IRS launched the 2009 Offshore Voluntary Disclosure Initiative. It encouraged taxpayers with hidden offshore assets and income to come clean with the IRS. In exchange for voluntary disclosure, taxpayers were offered a fixed-penalty structure, rather than face substantial civil penalties and risk criminal prosecution.

Under the 2009 OVDI, taxpayers had to file six years of...