The Internal Revenue Service retired a compliance campaign that had enabled U.S. taxpayers to voluntarily resolve returns deemed noncompliant due to past unreported foreign financial assets or a failure to file foreign-information returns.
The IRS' Large Business and International Division said on September 17, 2021 that it was ending the offshore voluntary disclosure program's Declines and Withdrawals Campaign, which the agency introduced in July 2019. It was intended to serve as a temporary follow to the more-formal OVDP, halted in late 2018.
The Campaign Had Addressed Taxpayers Who Applied
For Early Admission To The OVDP But Were Either
Denied Access To Or Pulled Out From The Program
of Their Own Accord, LB&I Noted.
The division, which oversees C corporations, subchapter S corporations under the U.S. tax code and partnerships with assets of over $10 million, had undertaken the post-OVDP campaign to help it improve decision-making on which business tax returns require scrutiny, identify potential sources of noncompliance and efficiently use resources.
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Read more at: Tax Times blog