On March 13, 2018, the IRS announced that it is ending the 2014 Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018.
IRS Commissioner David Kautter stated that “Taxpayers have had several years to come into compliance with U.S. tax laws under this program… All along, we have been clear that we would close the program at the appropriate time, and we have reached that point. Those who still wish to come forward have time to do so.”
Since 2009, more than 56,000 taxpayers came clean through OVDP. Although the OVDP is coming to end, Don Fort, Chief, IRS Criminal Investigation has made it clear that the IRS “remains actively engaged in ferreting out the identities of those with undisclosed foreign accounts with the use of information resources and increased data analytics… and “stopping offshore tax noncompliance remains a top priority of the IRS.”
Despite OVDP ending, taxpayers who were unaware of their foreign bank account reporting obligations may still be eligible for Streamlined Filing Compliance Procedures.