The IRS has announced that it is reopening its Offshore Voluntary Disclosure Program (“OVDP”). This version of the OVDP will be similar to the ones in 2009 and 2011, with some changes. For example, while the current version of the program has not been given an end date, the IRS has stated that it could change the terms of the program at any time going forward.
The 2009 and 2011 OVDP programs resulted in over 33,000 voluntary disclosures, as well as over $4 billion in collections. As the IRS continues its aggressive focus on offshore tax evasion, it might be time for those who have decided to pass on previous versions of the OVDP to “get right” with the government.
The link to the official announcement is: