Is the Streamlined Program for U.S. Residents Coming to an End?
Sometimes, dealing with the IRS is sort of, kind of like dealing with a gossipy friend who has a juicy secret that makes her so giddy, she can’t hide it (so says my wife).
In this instance, at a recent convention, the IRS let the cat out of the bag…sort of.
In a recent article by Law360 (Amy Lee Cohen), quoting Daniel N. Price of the IRS Office of Chief Counsel:
“At some point in the future, these procedures will no longer be available.
But this is a great way to bring taxpayers back into compliance and get them into the U.S. tax system with a goal of prospective compliance.”
Keep in mind that the IRS started talking this way about the OVDP program prior to formally announcing its closure.
OVDP Has Already Ended
Prior to the IRS terminating OVDP, the IRS made it seem like they would provide 12+ months notice before issuing a termination date for OVDP.
Unfortunately, the IRS only gave 6-months notice before terminating OVDP.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.
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