Tag Archives: IRS Offshore Voluntary Disclosure Program

The IRS Offshore Voluntary Disclosure Program

In 2009, the Internal Revenue Service (IRS) introduced a plan known as the Offshore Voluntary Disclosure Program (OVDP), which provides certain benefits to taxpayers who have undisclosed offshore accounts or assets. Under the terms of the program, taxpayers are encouraged to disclose foreign accounts and so avoid both criminal and civil prosecution. Applying for… Read More »