As previously reported the IRS has announced that the
offshore voluntary disclosure program (OVDP) will be closing on September 28,
2018. It appears that the program which began in 2009 only had 56,000 taxpayers
who used one of the programs to comply voluntarily. This is an underwhelming
number of taxpayers. Indeed they were only 600 disclosures in 2017. What does
that mean?
Since 2009, the IRS criminal investigation unit has investigated 1545 taxpayers on criminal violations related to international activities,
of which 671 were indicted on international criminal tax violations.
The IRS is now sending a clear signal that rather than
relying on the voluntary disclosure program it will increase criminal
prosecutions to effect compliance. Those who have not complied should heed this
warning and file a disclosure before the deadline or otherwise face criminal prosecution!
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