The IRS reopened the Offshore Voluntary Disclosure Program (OVDP). This program is designed to help those taxpayers with offshore brokerage and bank accounts that didn’t report any income from these accounts get current with their taxes. The IRS has offered this program twice already resulting in the collection of more than $4.4 billion. Failure to comply with this program can result in jail time for failure to report income. This is the third and possibly the last time the IRS will offer this program. For more information, click here.
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