The Offshore Voluntary Disclosure Program ends Sept. 28, the IRS announced this month.
OVDP is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect of those assets. OVDP is an option that offers protection from criminal liability and terms for resolving civil tax and penalty obligations.
The IRS has warned for several years it would be ending the Offshore Voluntary Disclosure Program.