The Offshore Voluntary Disclosure Program (OVDP) is closed See IRS Criminal Investigation Voluntary Disclosure Practice, for the most current voluntary disclosure procedures. Taxpayers had until September 28, 2018, to apply for the Offshore Voluntary Disclosure Program (OVDP). See IRS: Offshore Voluntary Compliance Program to end Sept. 28 for more details. What's below only pertains to submissions made on or before September 28, 2018. The IRS Offshore Voluntary Disclosure Program is working with taxpayers whose penalties may be reduced. The IRS began an open-ended OVDP in January 2012 because of strong interest in the 2009 and 2011 programs. The IRS may end the 2012 program at any time in the future. The IRS is offering taxpayers with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous programs, but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution. This is a continuation of the program's modified terms introduced in 2012. For purposes of referring to this modified program, it may be referred to as the 2014 OVDP. The modifications are effective on July 1, 2014. In addition to the OVDP, we offer additional options available to U.S. taxpayers with undisclosed foreign financial assets. Forms you may need to prepare with your submission Form 114, Report of Foreign Bank and Financial Accounts (FBAR) Form 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals PDF Form 433-B, Collection Information Statement for Businesses PDF Form 872, Consent to Extend the Time to Assess Tax and follow the Instructions for Completing the Form 872 for ODVP Power of Attorney Form for the Offshore Voluntary Disclosure Initiative PDF Documents you need to review and/or complete Complete Form 14452, Foreign Account or Asset Statement PDF. Review your Offshore Voluntary Disclosure Letter PDF and Attachment PDF. Evaluate and sign the Consent to Extend the Time to Assess Civil Penalties Provided by 31 U.S.C. 5321 for FBAR Violations. Follow the Instructions for Completing Consents. Want more background? Read our news releases and fact sheets IR-2014-73, IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance FS-2014-7, Offshore Income and Filing Information for Taxpayers with Offshore Accounts FS-2014-6, IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate More ... Prior OVDP programs 2011 Offshore Voluntary Disclosure Initiative 2009 Offshore Voluntary Disclosure Program Offshore Disclosure Related Items Closing the 2014 Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers 2014 Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers 2012 Transition Rules: Frequently Asked Questions (FAQs)
