On September 4th, the IRS announced that the offshore voluntary disclosure program (“OVDP”) comes to an end on September 28, 2018, as announced in March 2018.
On September 4, 2018, the IRS reminded taxpayers that the streamlined programs often called the “Streamlined Foreign Offshore” program for those residing outside of the U.S. and the “Streamlined Domestic” program for those residing in the U.S., may also end.
Therefore as with the announcement in March 2018 on the OVDP, is it possible that the streamlined programs will also end, say in about 6 months?
The streamlined foreign offshore program has been an effective program to get delinquent U.S. tax filers compliant or up to date with the filing of 3 years of past-due (income tax and foreign information) returns and 6 years of past-due FBARs (FINCEN114) without certain penalties. It has also served to amend or correct already filed returns.