Foreign Bank Account Disclosure Program (OVDP) Changes

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IRS commissioner John Koskinen issued an announcement, and the IRS issued a press release, of major changes to its Offshore Voluntary Disclosure Program (OVDP) that will take effect July 1, 2014. The OVDP was established in 2009 to encourage taxpayers with undisclosed foreign bank and investment accounts to come forward and comply with the reporting and tax requirements in exchange for a reduced penalty and promise of no criminal prosecution.

Thus far, the program has been very effective, collecting $6.5 billion from over 45,000 taxpayers. Even so, the National Taxpayer Advocate has been critical of …read more

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