The Time is Coming to Bid Farewell to the OVDP
Since the original launch of the program in 2009 (renewed again in 2011 and then modified in 2012 and 2014), over 56,000 taxpayers have participated in the program and paid in over $11 billion (“with a B”) in taxes, penalties, and interest. Suffice it to say, the programs hauled in more revenue than the IRS ever imagined they would.
Any taxpayers with undisclosed foreign assets should, while there is still time, come forward and enter the OVDP. It is important to note that, for now, the IRS is keeping the Streamlined Filing Compliance Procedures as well as the Delinquent FBAR Submission Procedures and Delinquent International Return Submission Procedures for past noncompliance matters.