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Archive by Month: May 2017

IRS Conducts Investigations into OVDP

Offshore Account Update

Posted in on May 31, 2017

If you have undeclared financial accounts offshore, you have probably heard of the Offshore Voluntary Disclosure Program (OVDP) and you may have considered taking part in the program. Since OVDP started in 2009 to allow people who did not file a Report of Foreign Bank and Financial Account to come forward and report their accounts-- while minimizing penalties-- more than $9.9 billion in taxes, interest, and penalties has been paid by more than 55,800 OVDP participants. May have chosen to participate in the OVDP because penalties can otherwise be draconian for undeclared offshore accounts, with some taxpayers facing penalties of 150 percent of the account balance.

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