IRS reopens offshore OVDI program for indefinite time period

Private Company Services Tax Insight

The IRS recently announced that it is reopening the Offshore Voluntary Disclosure Initiative (OVDI) for nonfilers of both U.S. tax returns and Foreign Bank Account Reports (FBARs). The new OVDI has the same structure as the 2011 initiative, with certain key differences. The announcement provides further guidance to taxpayers who have just become aware of their filing obligations as well as taxpayers who did not participate in the 2009 and 2011 OVDI programs.

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