FATCA and FBAR: The IRS is discontinuing its Offshore Voluntary Disclosure Program

The Internal Revenue Service (IRS) announced last week that it will terminate its Offshore Voluntary Disclosure Program as of September 28, 2018. Taxpayers who have not reported foreign bank accounts and income now have only six months to do so.

In the mid-2000s, the IRS began aggressively pursuing foreign financial institutions for information concerning deposits held by those institutions on behalf

FULL ARTICLE https://www.jdsupra.com/legalnews/fatca-and-fbar-the-irs-is-discontinuing-45580/?

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