IRS Reopens Offshore Voluntary Disclosure Program

The IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) to help taxpayers hiding offshore accounts get current with their taxes. The IRS has collected more than $4.4 billion so far from the two previous international programs. This third iteration of the offshore program will be open indefinitely and will provide the same penalty structure except for taxpayers in the highest penalty category.

 

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