Offshore Voluntary Disclosure Program (OVDP)

Offshore Voluntary Disclosure Program (OVDP)

The Internal Revenue Service offers an amnesty program for those who have underreported or failed to disclose foreign source income, foreign assets, foreign interests in financial accounts, or have failed to file/misfiled informational reports with the IRS. This amnesty program is known as the Offshore Voluntary Disclosure Program or OVDP. However, the Offshore Voluntary Disclosure Program is not without its problems and individuals should seek advice from a tax attorney when considering entering into the OVDP.

The Offshore Voluntary Disclosure Program is available to:

Taxpayers who do not enter the Offshore Voluntary Disclosure Program voluntarily risk detection by the IRS, criminal prosecution, and substantially higher penalties, including the 75% fraud penalty and foreign information return penalties.

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