OVDP & Streamlined Procedure May Not Be Forever!

Recently I heard that U.S. citizens residing in the UK are receiving FATCA letters advising them to get in touch with their financial advisors.

This is a signal that the sharing of information on foreign financial accounts of U.S. persons residing abroad is in full force and that the OVDP or streamlined domestic and foreign offshore procedures could very well be short lived.

This means that the only remaining remedy to avoid certain penalties is to utilize where available, a reasonable cause argument, which could be tougher given the generosity of the IRS with these programs over the last number of years.