US Offshore Voluntary Disclosure Program to remain open indefinitely

Please note: This item is from our archives and was published in 2015. It is provided for historical reference. The content may be out of date and links may no longer function.

In a news release reiterating its focus on taxpayers who hold money offshore (IR-2015-09), the US tax agency, the Internal Revenue Service (IRS), stated that it intends to keep its Offshore Voluntary Disclosure Program (OVDP) open until it announces otherwise. The OVDP was restarted in 2012 after earlier time-limited programmes had closed.

Since the first programme, which began in 2009, the IRS has received 50,000 disclosures and collected more than $7 billion. In addition, the IRS has conducted both civil and criminal proceedings apart from the OVDP that have produced large amounts of civil and criminal penalties.

The IRS reiterated its commitment to pursuing taxpayers who hide assets overseas all over the world. Many taxpayers have been identified by the IRS as evading US taxes by hiding income in offshore banks, brokerage accounts, or nominee entities. Other taxpayers have used foreign trusts, employee-leasing schemes, private annuities, or insurance plans for the same purpose. The IRS uses information from its investigations to work with the US Department of Justice in criminally prosecuting these taxpayers.  

Sally P. Schreiber (sschreiber@aicpa.org) is a CGMA Magazine senior editor.

Up Next

Decarbonisation benefits boost climate investments globally

By Steph Brown
September 25, 2025
Revenue growth and operational savings from climate-related initiatives are incentivising the push for technology-driven migration and adaptation solutions.
Advertisement

LATEST STORIES

Decarbonisation benefits boost climate investments globally

AI-enabled spreadsheet tools — what finance professionals need to know

Adaptability, curiosity, shaping the future — Q&A with CIMA’s president

FRC initiative aims to streamline corporate reporting

Corporate disinformation — have a plan and move quickly

Advertisement
Read the latest FM digital edition, exclusively for CIMA members and AICPA members who hold the CGMA designation.
Advertisement

Related Articles

5 ways AI augments the accountant’s role
UK budget: National Insurance rate to increase for employers