The Offshore Voluntary Disclosure Program came to a halt on Sept. 28, 2018.

This is the last opportunity for “willful parties” who are United States Taxpayers, to clear their tax issues with the United States of America in the event they have unreported bank deposit income or income from certain tangible foreign assets.

In three months the IRS will no longer give US taxpayers, that have not reported their foreign bank accounts and certain other foreign assets; the opportunity to report these foreign assets without facing possible fraud penalties, both civil and at times, criminal and numerous other penalties.

After September 28, 2018, a taxpayer will no longer be able to submit their name to the IRS for clearance in advance assuring the taxpayer; that the taxpayer will not be subject to several major penalties that may otherwise apply to these taxpayers.

It is extremely important for taxpayers to take advantage of clearing their unreported foreign bank deposits and other assets in the waning days of the Offshore Voluntary Disclosure Program.

The civil and the criminal penalties that the IRS may enforce on taxpayers that have willfully failed to report their foreign and other assets are. . . .

Excerpt from New article by Richard S. Lehman “The End of the Offshore Voluntary Disclosure Program (OVDP) – click here to read it now.

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