United States - IRS reopens offshore OVDI program for indefinite time period

Global Watch ()

The Internal Revenue Service (IRS) recently announced that it is reopening the Offshore Voluntary Disclosure Initiative (OVDI) for non-filers of U.S. income tax returns and Foreign Bank Account Reports (FBARs). The previous OVDI program ended on December 9, 2011. See previous Global Watch. The new OVDI has the same structure as the 2011 initiative with certain key differences. There is no set deadline to this program, but the IRS has stated that they may change the terms of the program going forward at any time.