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Archive by Month: February 2017

The OVDP Opt Out

Posted in News on February 24, 2017

The Offshore Voluntary Disclosure Program (OVDP) is a program allowing for U.S. taxpayers to voluntarily report offshore accounts that they had failed to report to the IRS in the past. Depending upon the value of your offshore account and whether you live in the U.S. or abroad, you may have been required to file a Report of Foreign Bank and Financial Account (FBAR) and/or a Form 8938, Statement of Specified Foreign Financial Assets. If you failed to comply with reporting requirements, OVDP gives you the chance to come forward and correct the situation before the IRS comes after you.

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