The IRS has announced that it is planning on ending the Offshore Voluntary Disclosure Program. The program was designed for taxpayers that may be subjected to criminal liability and or substantial civil penalties for failing to report foreign assets to the federal government.
The program is expected to close on September 28, 2018. However, the IRS has not announced that it will end the streamlined filing compliance procedures and it appears that the streamlined filing will still remain open.
The IRS has not announced why they are planning on terminating the OVDP, but I presume that the reason for terminating the program is that they have obtained foreign account information and the fact that taxpayers are not entering into the program compared to prior years. Based on what the IRS has provided, it appears that 2011 had the most number of taxpayers enter the program, with around 18,000 taxpayers entering into the program. In contrast, only around 600 taxpayers entered into OVDP in 2017.
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