According to a statement made Commissioner Koskinen on December 17, 2015 at the George Washington University Law conference on international taxation, the streamlined version of the Offshore Voluntary Disclosure Program, designed to bring taxpayers with unreported assets overseas into tax compliance, will end after the IRS determines there is no way a taxpayer who wanted to participate couldn't have heard about the process.
“At some point, we will have assumed that people have
had enough notice that they should have become
This statement that the streamlined program will not continue indefinitely, has been reiterated by senior IRS officials at subsequent international tax conferences!
The capacity for reciprocal automatic exchange builds on numerous accomplishments including the following:
- Development of a consistent data reporting format, or schema, and the agreement to use this format by all jurisdictions;
- Establishment of the details and procedures required to assure data confidentiality;
- Creation of a data transmission system to meet high standards for encryption and security; and
- Cooperation with foreign jurisdiction tax administrations to achieve the timely implementation of this exchange.
Read more at: Tax Times blog