Download This PaperReporting Undisclosed Foreign Assets: The Clock Is Ticking
The CPA Journal, August 2018 Edition
2 Pages Posted: 8 May 2020
Date Written: August 1, 2018
Abstract
On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. In the announcement, the IRS encouraged taxpayers who need to disclose noncompliant and unreported foreign accounts and assets to come forward before the September deadline. Qualifying taxpayers who have unreported foreign accounts can still use the OVDP to come into compliance while avoiding the risk of criminal prosecution and minimizing otherwise applicable civil penalties, but only until that date. As of this writing, it not yet known whether the IRS will announce a new program or initiative to replace the OVDP.
Keywords: Reporting Undisclosed Foreign Assets
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