The IRS ended its Offshore Voluntary Disclosure Program (OVDI) on Sept. 28, 2018, and recently announced new internal procedures for taxpayers who wish to avoid criminal prosecution for domestic or offshore tax evasion conduct. These new procedures are far less “taxpayer friendly” and signal a return to the way voluntary disclosures were handled prior to OVDI.

The new voluntary disclosure rules do not affect the existing Streamlined Filing Compliance Procedure, Delinquent FBAR Filing Procedure, or Delinquent Information Returns Filing Procedures available to taxpayers with “non-willful” foreign compliance issues.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]