IRS Offshore Voluntary Disclosure Program

The IRS Offshore Voluntary Disclosure Program (OVDP) was an initiative allowing U.S. taxpayers with unreported foreign financial accounts and assets to come forward and report them without facing severe penalties. By participating, individuals could resolve their tax issues, pay owed taxes, and avoid criminal prosecution. Though the program closed in September 2018, it aimed to promote compliance and reduce tax evasion related to offshore accounts, emphasizing the importance of transparency in international financial transactions. Taxpayers who missed this opportunity may still face penalties if they do not disclose foreign assets.