The IRS has changed the Offshore Voluntary Disclosure Program once again. The new program goes into effect July 1st, 2014 and can be referred to as “2014 OVDP.” Sadly, I’m not the creative genius that came up with that. Substantial changes include 1) increasing the OVDP penalty from 27.5% to 50% and 2) opening the streamlined program to non-willful violators living within the United States.
A comprehensive outline of the changes made to the OVDP program for 2014 can be found at: http://www.irs.gov/uac/2012-Offshore-Voluntary-Disclosure-Program
