On October 27th 2017, we warned you that changes to the IRS amnesty program were forthcoming.
Note: The above reference link was live on March 2018, but it has since been taken down.
For our clients that responded quickly? Good. For those that dragged their feet? The window is now closing.
On March 13th, the IRS announced the following –
The Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect of those assets. OVDP is designed to provide to taxpayers with such exposure (1) protection from criminal liability and (2) terms for resolving their civil tax and penalty obligations.
Everything is available here – https://www.irs.gov/individuals/international-taxpayers/offshore-voluntary-disclosure-program
At the moment, streamlined remains untouched but that could change at any time. The time to come forward is now. Please talk to your qualified US tax team today.