Offshore US Tax Problems? Act Soon – Offshore Voluntary Disclosure Program Is Ending

    View Authors March 2018

    US taxpayers with undisclosed foreign financial assets and income should act quickly, as the Internal Revenue Service has just announced that it will close its current Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. An OVDP submission can require significant time to prepare and complete in advance of that deadline, so there is no time to waste. As described in the attached alert, individuals with offshore accounts, assets and income should take immediate steps to ensure they are current with US tax compliance. We can assist with the determination and the subsequent timely submission of the most appropriate offshore compliance alternative for the US taxpayer.