In December 2014, the IRS announced that it was extending its Offshore Voluntary Disclosure Program (OVDP) for an indefinite period. The OVDP is a tax amnesty program that was launched in 2009 with the intent of encouraging taxpayers with unreported foreign bank/investment accounts to avoid criminal charges and pay reduced civil penalties by making a voluntary disclosure to the IRS. According to the IRS, since the inception of the OVDP there have been more than 50,000 disclosures, resulting in the collection of more than $7 billion in taxes and penalties.
IRS Extends its Offshore Voluntary Disclosure Program Indefinitely
By Jeff Belingheri|February 4th, 2015|Categories: Accounting & Bookkeeping, Individual Tax|Tags: 2014, Civil Penalties, criminal charges, December, Disclosure, foreign bank, investment accounts, Offshore, OVDP, Program, Voluntary|Comments Off on IRS Extends its Offshore Voluntary Disclosure Program Indefinitely
About the Author: Jeff Belingheri
Jeff is a Partner at Bregante + Company LLP, providing tax, accounting and consulting services to closely held businesses and high net worth individuals throughout the greater San Francisco Bay Area.