Friday, September 21, 2018

IRS to end offshore voluntary disclosure program;

Taxpayers with undisclosed foreign assets urged to come forward now. The Internal Revenue Service announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018

“Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “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.”

The programs have enabled U.S. taxpayers to voluntarily resolve past non-compliance related to unreported foreign financial assets and failure to file foreign information returns.

You have only 1 week to disclosed your foreign assets and save from huge non filing penalty.

Posted at 06:14 PM