The OVDP Deadline
You have about one more week to avail yourself of the Offshore Voluntary Disclosure Program (OVDP). The Internal Revenue Service (IRS) will not accept new submissions after September 28. If you’re a U.S. taxpayer with international accounts or property, you MUST report it annually. Failure to do so can result in criminal charges; and the OVDP is a way to meet compliance standards without risking criminal scrutiny.
What is the OVDP (Offshore Voluntary Disclosure Program)?
First established in 2009 and updated several times since, the Offshore Voluntary Disclosure program is a government-created tax amnesty opportunity for U.S. taxpayers, with foreign accounts, who previously failed to report them. Since its inception, authorities have collected about $11.1 billion under the program.
But all good things must end, and this one’s expiration date is September 28, 2018 — in about a week.
When asked about the shuttering, Acting IRS Commissioner David Kautter explained:
“Taxpayers have had several years to come into compliance with U.S. tax laws under this program. All along, we have been clear that we would close the program at the appropriate time, and we have reached that point. Those who still wish to come forward have time to do so.”
It’s Not Illegal To Have International Accounts. You May Not Even Owe Tax On Them. But You Must Report Them!
It’s not illegal to have offshore accounts, but you must report them annually if their cumulative total equals or exceeds $10,000 at any point during the year. Even if you’ve never spent a single cent of your offshore money in the United States, it still must be reported.
Get ‘Er Done or Risk Criminal Charges
The OVDP deadline is fast approaching. All submissions must be postmarked by 9/28. So call immediately. Time is running out.
If you have undeclared money in offshore accounts, the scramble to meet the deadline is worth it. The IRS will likely go harder on people who continue to hide assets moving forward. If you’re unsure if you’re international holdings qualify, find out! We can help.
Get in touch today. We’ll handle it all.
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