IRS announces OVDP will end Sept. 28, 2018. What this all means.

IRS announces OVDP will end Sept. 28, 2018. What this all means.

http://ift.tt/2G32879 Tax Attorneys Anthony E. Parent & Robert V. Hanson discuss the impending OVDP deadline of Sept. 28, 2018, and what it means for people who are thinking of making a disclosure and the forecast for those who miss this deadline. Citing a huge drop off in Offshore Voluntary Disclosure Program (OVDP) submissions from a high of 18,000 in 2011, to a low of 600 in 2017, the IRS has decided to end the Standard OVDP this September. There is still good news --- the Streamlined and Delinquent Informational Reporting Form (DIRF) programs will remain open. This move comes as little surprise to us. As the years have progressed since the first 2009 Offshore Voluntary Disclosure Initiative (OVDI), we have had more and more Streamlined Disclosure cases and less and less full OVDP submissions. The reasons? The people who are eligible for the Streamlined program continue to grow, whereas, those who intentionally did not file and did not report their worldwide income and assets have likely already made up their minds about whether or not they wish to comply with the IRS. For instance, every day there are new US immigrants, Visa holders and Green Card holders who are never told about their IRS and FinCEN reporting obligations on their income and assets back home -- until after they made a mistake and need the Streamlined program to reduce exposure to what can be devastating penalties if caught in a tax audit. The rules are very complicated which is why we invite you to contact us about your concerns. Many problems are not as big as people's worst fears. A little bit of knowledge can really lighten your emotional load. We help people form around the corner and around the globe. Contact us at: Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com https://youtu.be/WqsCjDSbeto IRS Medic