United States:
Estate Planning Update March 2018 - IRS Will End Offshore Voluntary Disclosure
06 April 2018
Day Pitney LLP
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The Internal Revenue Service recently announced that it will
close the 2014 Offshore Voluntary Disclosure Program (OVDP) on
Sept. 28, 2018. Any U.S. taxpayers with undisclosed foreign income
or financial assets should act promptly to disclose them before the
program closes.
A separate program, the Streamlined Filing Compliance Procedures, for
taxpayers who might not have been aware of their filing
obligations, will remain available to eligible taxpayers. There are
also several other options for taxpayers who have not been
compliant. If you believe that you may have undisclosed foreign
income or assets, Day Pitney attorneys have considerable experience
with the voluntary disclosure program and can advise on the
available options for coming into compliance.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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