What Happened To The Offshore Voluntary Disclosure Program And What Replaced It?

The Offshore Voluntary Disclosure Program (OVDP) was created back in 2009 as a temporary OVDP program for taxpayers that willfully hide funds overseas to become compliant. However, the IRS closed it due to the usage rate dropping significantly.

The new IRS voluntary disclosure is a bit difficult to navigate on your own. However, this practice is welcomed by both taxpayers and tax accountants – a clear indication that the IRS voluntary disclosure program is still working for many taxpayers. The only downside is that when compared to OVDP, the new procedures may significantly increase the penalties.

Read on, to find out what this OVDP program was all about and the steps you should take if you are ever found in a similar situation.?????