OVDP and Voluntary Disclosures for Boston Residents
Offshore Account UpdatePosted on September 30, 2019
For several years, Boston residents who failed to report their foreign financial assets to the Internal Revenue Service (IRS) were able to mitigate the consequences of their omission through the IRS’s Offshore Voluntary Disclosure Program (OVDP). However, the OVDP ended on September 28, 2018. While taxpayers still have options for voluntarily disclosing their offshore holdings, there are some important limitations. As a result, consulting one of the Boston IRS voluntary disclosure lawyers at Thorn Law Group is critical to avoiding substantial penalties.
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