It’s Official: The End of IRS’ OVDP is Near
Posted in Offshore Account Update on August 13, 2018 | Share
Have a Former IRS Attorney Help You!
September 28th, 2018 will mark the end of the Internal Revenue Services’ Offshore Voluntary Disclosure Program, commonly referred to as OVDP. The Offshore Voluntary Disclosure Program, which was launched in 2009, serves as an avenue for offshore account holders to come forward with previously undisclosed foreign accounts. The aim was to promote offshore disclosure and create an easy way for participants to comply with US tax laws. By participating in OVDP, taxpayers are promised both protection from criminal exposure and a fair resolution with respect to penalties.
Why is OVDP Ending?
The Offshore Voluntary Disclosure Program is closing due to dwindling participation. In its first few years, up to 18,000 people participated in the OVDP annually. Yet, in 2017, there were only 600 disclosures. Since March, when the IRS announced OVDP’s end, they have stressed that there is still ample time to disclose using the Program. However, with almost just two months left of OVDP, it has never been more imperative for a taxpayer with offshore accounts to weigh their options and speak with a trained tax professional. Washington DC tax lawyer Kevin E. Thorn can help you come into compliance with the IRS. Having helped over 100 individuals over the last 10 years, he can advise you on how to proceed with complicated international tax matters. The risk is high if you do not disclose, with large penalties and even incarceration at stake!
Contact Washington DC Tax Lawyer Kevin Thorn Today
If you have questions about offshore accounts and how to disclose them, it is imperative that you contact Kevin E. Thorn, an experienced tax attorney and the managing partner of Thorn Law Group. Time is running out to disclose funds using OVDP. Call 202-349-4033 today or email ket@thornlawgroup.com.
