The IRS ended the Voluntary Offshore Disclosure Program in September of 2018. This program was designed to allow those who had past unreported foreign income and unreported foreign assets to catch up with the IRS and reduce some penalties, and avoid the risk of criminal prosecution.On November 20, 2018, the IRS announced new procedures which replaces the OSVDI and if chosen, could reduce many penalties and in many instances avoid criminal prosecution. The link to the memo addressing this new procedure is below.
This program can be used by those who have much bigger hidden income and disclosure problems than could be address through the IRS streamlined program. If you decide to surface with the IRS using these new procedures best you use a tax attorney so your situation is kept confidential
READ THE NEW IRS RULES AND PROCEDURES HERE (download IRS memo)
Contact Don Nelson, US International Tax Attorney with over 30 years experience at ddnelson@gmail.com if you wish to discuss your situation or learn more. We have helped over a hundred clients with past unreported foreign assets and income catch up and resolve matters with the IRS.
