News & Events

U.S. Internal Revenue Service Cancels Offshore Amnesty Program

The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program (“OVDP”) on 28 September 2018.  The OVDP provides non-compliant taxpayers with a fixed penalty scheme and protection from criminal prosecution for failing to file correct and complete U.S. Federal tax returns and non-U.S. financial account disclosures (typically referred to as “foreign bank account reports” or “FBARs”).  Taxpayers who have any concerns about their U.S. Federal tax payment or reporting obligations should contact a U.S. international tax professional immediately to discuss potential disclosure options and deadlines.

 

— Butler Snow International Tax Team

 


Butler Snow will continue to keep you informed of any new developments in International Tax. In the meantime, if you have any questions concerning the contents of this post, please contact one of our Butler Snow International Tax attorneys below.

Butler Snow’s International Tax Team:
Kurt G. Rademacher 
+852 3898 5406 / Kurt.Rademacher@butlersnow.com
John R. Wood
+44 (0) 20 3300 3807 / John.Wood@butlersnow.com
Ivan Lu
+65 6808 6293 / Ivan.Lu@butlersnow.com
Randall D. McClanahan
(205) 297-2227 / Randy.McClanahan@butlersnow.com
Brad F. Westerfield
​+44 (0)20 3300 3802 / Brad.Westerfield@butlersnow.com
Kristin Konschnik
+44 (0)20 3300 3809 / Kristin.Konschnik@butlersnow.com
John Shoemaker
+65 6808 6283 / John.Shoemaker@butlersnow.com
Chris McLemore
+44 (0)20 3300 3806 / Chris.McLemore@butlersnow.com
Jessica L. Staton 
+852 3898-5403 / Jess.Staton@butlersnow.com
Samantha R. Moore
(601) 985-4589 / Samantha.Moore@butlersnow.com