IRS Reminder – Offshore Voluntary Compliance Program (OVDP) Ends September 28, 2018

FATCA FBAR OVDP Streamlined Foreign Offshore Procedures Uncategorized

The IRS recently released a reminder that taxpayers have until September 28, 2018 to apply for the OVDP. While the Streamlined Filing Offshore Procedure (SFOP), Streamline Domestic Offshore Procedures (SDOP) and Delinquent International Information Return (DIIR) programs remain open, the OVDP is the only program to reduce penalties and avoid potential criminal sanctions for persons…

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US Tax Compliance And Planning For US Executives, Entrepreneurs And Investors Living Outside The US

Controlled Foreign Corporation FATCA FBAR International Business OVDP Streamlined Foreign Offshore Procedures US Taxation US Taxes for Non-Residents

The article was first published in  Global Tax Weekly, issue 170. Below is the full text of the seventh article in the series on US taxes for US persons living outside the US. US Tax Compliance And Planning For US Executives, Entrepreneurs And Investors Living Outside The US by Stephen Flott, Omar Saleh, and Louisa…

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US Tax Compliance and Planning – The Offshore Voluntary Disclosure Program (OVDP)

FATCA FBAR OVDP Streamlined Foreign Offshore Procedures US Taxation

By: Joseph Siegmann, and The Internal Revenue Service (IRS) created the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Domestic Offshore Procedure (SDOP) to encourage taxpayers to disclose foreign accounts and income that were subject to reporting but were not previously reported to the IRS. While both the OVDP and SDOP encourage taxpayers to disclose…

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