U.S. Internal Revenue Service Cancels Offshore Amnesty Program

The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program (“OVDP”) on 28 September 2018.  The OVDP provides non-compliant taxpayers with a fixed penalty scheme and protection from criminal prosecution for failing to file correct and complete U.S. Federal tax returns and non-U.S. financial account disclosures (typically referred to as “foreign bank account reports” or “FBARs”).  Taxpayers who have any concerns about their U.S. Federal tax payment or reporting obligations should contact a U.S. international tax professional immediately to discuss potential disclosure options and deadlines.

— Butler Snow International Tax Team

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