In Information Release 2018-52, the Internal Revenue Service announced on March 13, 2018, that it will shut down and end its Offshore Voluntary Disclosure Program (OVDP) on Sept. 28, 2018. Thus, taxpayers with undisclosed foreign financial assets have time to utilize the OVDP before the program closes, but need to act ASAP and consult with experienced tax controversy counsel so that a complete filing submission is made by Sept. 28, 2018.

Since its inception in 2009, more than 56,000 taxpayers have used the IRS OVDP to voluntarily inform the IRS about untaxed money overseas and pay a set penalty to avoid prosecution; and have paid a total of $11.1 billion in back taxes, interest and penalties.