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The IRS has recently confirmed that they will be ending their OVDP program as of September 28th, 2018. The OVDP program was put in place to help U.S. taxpayers with undeclared foreign income and foreign financial accounts to come back into compliance within a pre-defined filing and penalty framework.

The end to the OVDP program does not affect the requirements to declare the income and accounts, it simply removes the certainty about how the IRS would treat such submissions and how penalties would be calculated.

The IRS further confirmed that the Streamlined Filing Compliance Procedures would continue to be available for now, but that it may also be ended at some point. The Streamlined Procedure has been much more widely used by our clients and its penalty framework is much more forgiving than the OVDP program. We have extensive experience helping clients throughout the world to become compliant through this program and would be happy to discuss your situation with you.