5 Points To Consider As Overseas Disclosure Program Ends

Law360, Los Angeles (May 14, 2018, 10:42 PM EDT) -- While the IRS’ termination of the Offshore Voluntary Disclosure Program has left many hopeful it will be extended or replaced, potential violators who have yet to disclose their foreign bank accounts need to weigh their options, with the most important question being whether to enter the program before it shuts down.

The IRS decided in March it would end the 2014 OVDP on Sept. 28. The program, established in 2009, lets taxpayers who have not yet shared information on their foreign bank accounts with the federal government to disclose that information while avoiding certain penalties. But participants have dwindled over the...

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