If you have any foreign assets that have not been reported to the Internal Revenue Service (IRS), it is imperative that you take action now!
The IRS is reminding taxpayers that they have until Sept. 28, 2018 to apply for the Offshore Voluntary Disclosure Program (OVDP) which provides certain taxpayers the opportunity to voluntarily report previously undisclosed foreign accounts or assets to the IRS. The program enables taxpayers to become compliant with the IRS, and is designed to provide taxpayers protection from criminal prosecution and terms for resolving their tax and penalty obligations.
Taxpayers with undisclosed accounts that fail to take advantage of this program run the risk of being detected by the IRS and be subject to penalties or prosecution. Simply filing amended returns does not eliminate the risk of criminal prosecution. In addition, the taxpayer must not be under audit or civil examination in order to qualify for the OVDP.
Taxpayers considering to make a voluntary disclosure should discuss the matter with their tax advisor immediately. Given that the program will end soon, taxpayers should take advantage of this opportunity to come back into compliance, reduce potential civil penalties and minimize risk of criminal prosecution. For more information contact us in one of our many locations.
Wednesday, April 24, 2019 | 7:30 AM – 9:30 AM EDT | The Hartford Club