IRS Releases News about OVDP & Streamlined Procedure Programs
The IRS recently issued a press release highlighting the accomplishments of its Offshore Voluntary Disclosure Program (OVDP) and encouraged taxpayers with undisclosed offshore accounts to come into compliance with the federal tax obligations. The OVDP and streamlined compliance programs have been used to bring over 100,000 taxpayers into compliance and have brought in over $10 billion in taxes, interest, and penalties.
Since the inception of the OVDP in 2009, 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program to resolve their tax obligations. Taxpayers entering OVDP paid over $9.9 billion in taxes, interest and penalties since that time. An additional 48,000 taxpayers have used the separate “Streamlined” procedures to remedy prior “non-willful” omissions of foreign financial assets and income and meet their federal tax obligations. The streamlined procedures have resulted in the submission of more than 96,000 delinquent and amended income tax returns. To date, “Streamlined” participants have paid approximately $450 million in taxes, interest and penalties.
The IRS also announced Form updates for the Streamlined Filing Compliance Procedures and a change in phone numbers. The most current versions of the Streamlined forms are here: Form14653 (for taxpayers living outside the US) and Form 14654 (for those residing in the US). Commonly used telephone numbers relating to the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures have also changed.