News & Analysis as of

Offshore Funds

Get Ready: IRS To End OVDP

by Carlton Fields on

Recently, I discussed the impact of so-called “soft letters” sent by the IRS to various groups of taxpayers with offshore asset disclosure compliance issues....more

Last Chance For Taxpayers: Offshore Voluntary Disclosure Program Will End September 28, 2018

by Varnum LLP on

On March 13, 2018, the Internal Revenue Service (the "Service") announced its plan to close its 2014 Offshore Voluntary Disclosure Program (OVDP) effective Sept. 28, 2018. The Service indicated that its announcement was...more

At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank...

by Foodman CPAs & Advisors on

On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S....more

Internal Revenue Service Reminds Taxpayers To Report Offshore Bank Accounts On FBAR Form

by Fox Rothschild LLP on

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more

The 2018 IRS Dirty Dozen,Part III: Abusive Tax Shelters, Offshore Tax Schemes, and Frivolous Tax Arguments

by Moskowitz LLP on

In this post we continue our coverage of tax evasion schemes with three that make it to the IRS Dirty Dozen list every year: Abusive tax shelters, offshore tax schemes, and frivolous tax arguments....more

IRS Announces Closure of Offshore Voluntary Disclosure Program

by Taylor English Duma LLP on

On March 13th, 2018, the Internal Revenue Service (“IRS”) issued the news release IR 2018-52. The IRS announced that it was closing its offshore voluntary disclosure program (“OVDP”). The closure will occur on September 28,...more

IRS Closing the Offshore Voluntary Disclosure Program for Taxpayers with Foreign Assets

by Taylor English Duma LLP on

The IRS recently announced that it will be discontinuing the Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. Taxpayers wanting to enter the Offshore Voluntary Disclosure Program must postmark their...more

The End of the Offshore Voluntary Disclosure Program is Near!!! What Can I do?

by Sanford Millar on

On March 13, 2018 the IRS announced that the formal Offshore Voluntary Disclosure Program (“OVDP” would end September 28, 2018....more

Offshore Tax Evasion Rounds Out IRS Annual “Dirty Dozen” For 2018

by Fox Rothschild LLP on

The Internal Revenue Service has issued a warning to taxpayers about avoiding taxes by hiding money or assets in unreported offshore accounts, a tax scam that remains on the annual “Dirty Dozen” for 2018. Offshore tax...more

FATCA and FBAR: The IRS is discontinuing its Offshore Voluntary Disclosure Program

The Internal Revenue Service (IRS) announced last week that it will terminate its Offshore Voluntary Disclosure Program as of September 28, 2018. Taxpayers who have not reported foreign bank accounts and income now have only...more

Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en...

by Foodman CPAs & Advisors on

El 13 de marzo del 2018, el IRS anunció la terminación del Programa de Divulgación Voluntaria De Cuentas en el Extranjero (“OVDP”) desde el 28 de septiembre del 2018 (Notificación IR-2018-52). El OVDP ha estado disponible...more

Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018

by Foodman CPAs & Advisors on

On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more

IRS to Close Offshore Voluntary Disclosure Program Effective September 28, 2018

On March 13, 2018, the Internal Revenue Service (IRS) announced that the Offshore Voluntary Disclosure Program (OVDP) will close effective September 28, 2018. Any U.S. individuals with undisclosed foreign financial assets or...more

IRS Offshore Voluntary Disclosure Program: The Party Is Ending

by BakerHostetler on

On March 13, the Internal Revenue Service announced that the Offshore Voluntary Disclosure Program (OVDP) will come to an end on Sept. 28, 2018. By making this announcement now, the IRS is giving taxpayers with undisclosed...more

IRS Announces End to Offshore Amnesty Program

by Perkins Coie on

The IRS recently announced that it would end the Offshore Voluntary Disclosure Program (OVDP). The OVDP is an amnesty program that tens of thousands of taxpayers have used since 2009 to report previously undisclosed foreign...more

IRS Ends Offshore Account Voluntary Disclosure Program

by Pierce Atwood LLP on

The IRS recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. ...more

The IRS Criminal Investigation Division Releases Its Annual Report for 2017

by Moskowitz LLP on

The purpose of the IRS Criminal Investigation (IRS CI) Division is to investigate criminal violations of the Internal Revenue Code and other related financial crimes to ensure compliance with the law and public confidence in...more

Offshore Voluntary Disclosure Program (OVDP) Closing in September

by Charles (Chuck) Rubin on

The OVDP commenced in 2009, and provided a mechanism for U.S. taxpayers who had not complied with various non-U.S. information disclosure and tax payments to square up with the IRS without risk of criminal prosecution, but at...more

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

by McNair Law Firm, P.A. on

The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

IRS To Terminate The Offshore Voluntary Disclosure Program

On March 13th, the Internal Revenue Service ("IRS") announced that the offshore voluntary disclosure program ("OVDP"), which was first launched in 2009 and modified several times, will close to new taxpayers after September...more

IRS Announces September 2018 End to Offshore Voluntary Disclosure Program

by Blank Rome LLP on

The Internal Revenue Service (“IRS”) announced it will close the highly successful Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018, which presumably will be the final date for taxpayers to submit a...more

New Regulations Increase Uncertainties Regarding Chinese Investments in Offshore Funds

by Morrison & Foerster LLP on

On March 1, 2018, the Administrative Measures for Outbound Investments by Enterprises (“Circular 11”) issued by the National Development and Reform Commission (the “NDRC”) went into effect. In addition to regulating direct...more

IRS to end Offshore Voluntary Disclosure Program in September

by Dentons on

The IRS has announced that it will begin winding down its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. Under the OVDP, a taxpayer with undisclosed foreign assets or income could come forward to pay tax,...more

IRS to End Offshore Voluntary Disclosure Program in September 2018

The Offshore Voluntary Disclosure Program ("OVDP") is a tax amnesty program permitting U.S. taxpayers with unreported foreign accounts and other assets to make a voluntary disclosure to the Internal Revenue Service ("IRS") of...more

No News is Not Always Good News: IRS's Offshore Voluntary Disclosure Program is Ending

by Baker Donelson on

The IRS has just announced that its longstanding Offshore Voluntary Disclosure Program (OVDP) will end as of September 28, 2018. While many U.S. citizens and green card holders living abroad and in the United States have...more

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