The IRS ended its Offshore Voluntary Disclosure Program or OVDP for short, on September 28, 2018.This program which was in effect since 2014 helped a lot of people to come forward and become compliant. Now what should the taxpayers do since this program is no longer available? The good news here is that most taxpayers do not need the OVDP program. Most taxpayers are eligible to file taxes under the streamlined procedure which is still open.
Most taxpayers who are not compliant with their US taxes are under the impression that they can only file previous year tax returns under the OVDP procedure. However, a lot of them do not know that they are eligible under the IRS streamlined procedures for domestic and international. These procedures are subject to a very small penalty (0% for international and 5% for domestic). If you still have questions, get in touch with us. We can help you out.
