Offshore Voluntary Disclosure Program scheduled to end

The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) will end. The OVDP is currently scheduled to close September 28, 2018.

What is the OVDP? The program began in 2009. It provided an opportunity for those with offshore accounts to voluntarily come into compliance with United States tax laws.

Those who chose to partake in the program would bring foreign accounts into compliance with United States tax laws in exchange for a reduced risk of criminal prosecution and civil penalties.

What about those who have yet to report foreign assets? Those who have yet to come into compliance have a tough choice: rush to get everything in order and take part in the OVDP before it closes or wait and see if another program is available after the scheduled September 28 deadline.

Regardless of which path taxpayers choose, it is important to note the IRS has a compiled an “abundance of data” from foreign financial institutions that identify foreign accounts. A recent piece in Accounting Today points out this data was gathered through “John Doe” summonses and the Swiss Bank Program.

As such, any individual or business with foreign assets is wise to consider coming into compliance voluntarily.

A failure to come into compliance voluntarily can result in harsh treatment from the IRS. In some cases, a failure to comply with tax laws can lead to criminal charges. The fact that the agency has offered the OVDP for so long has led some to believe the IRS will use an “iron fist” approach against those that attempt to avoid their obligations. Anyone wishing to come into compliance or who finds themselves at the mercy of this “iron fist” can benefit from the counsel of an experienced offshore tax attorney.

No Comments

Leave a comment
Comment Information
  • ABA | American Bar Association
  • AV Preeminent | Peer Rated for Highest level of Professional Excellence | 2018
  • Virginia State Bar | 1938
  • Super lawyer | 2018
  • DC Bar
  • American Bar Academy of Attorney - CPAs | The power of the dual view
Email Our Team

Contact Us to Get Started Today

Located in the Washington, D.C area, we serve clients in the District of Columbia, Maryland and Northern Virginia, as well as across the country and overseas. For a free initial consultation, call 202-381-1261 or complete our brief online form.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Six Convenient Office Locations in and around the DC Metropolitan Area

Washington, D.C.
1629 K Street NW, Suite 300
Washington, D.C. 20006

Phone: 202-618-1873
Fax: 888-235-8405
Map & Directions

Columbia Office
10440 Little Patuxent Parkway, Suite 300
Columbia, MD 21044

Phone: 410-497-5947
Fax: 888-235-8405
Map & Directions

Annapolis Office
888 Bestgate Road
Suite 400
Annapolis, MD 21401

Phone: 410-497-5947
Fax: 888-235-8405
Map & Directions

Fairfax Office
8280 Willow Oaks Corporate Drive
Suite 600
Fairfax, VA 22031

Phone: 703-621-7169
Fax: 888-235-8405
Map & Directions

Rockville Office
199 E. Montgomery Avenue
Suite 100
Rockville, MD 20850

Phone: 240-599-5009
Fax: 888-235-8405
Map & Directions

Baltimore Office
400 East Pratt Street
8th Floor
Baltimore, MD 21202

Phone: 443-743-3381
Fax: 888-235-8405
Map & Directions