Offshore Voluntary Disclosure Program to Remain Open Indefinitely

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Jan. 28 — The IRS's program to let taxpayers tell the government about their overseas assets in exchange for a set penalty and protection from criminal prosecution will remain open until otherwise announced, the agency said.

In a Jan. 28 news release (IR-2015-9), the Internal Revenue Service said there is still strong interest in the Offshore Voluntary Disclosure Program from taxpayers and tax practitioners as the government's crackdown on those hiding money in other countries continues.

IRS Commissioner John Koskinen said that with the agency's string of successful enforcement actions, “it's a bad bet to hide money and income offshore. Taxpayers are best served by coming in voluntarily and getting their taxes and filing requirements in order.”