United States taxpayers, last opportunity if you have unreported bank deposit income or income from certain tangible foreign assets
U.S. taxpayers living overseas need not fear reporting foreign income
If an American Taxpayer living outside the United States is concerned that his or her failure to report income, pay tax and submit required information returns was due to willful conduct and who wants more assurances that they will not be subject to criminal inability and/or substantial monetary penalties, that taxpayer should consider participating in the Offshore Voluntary Disclosure Program and should consult with their professional tax or legal advisers ASAP, before the IRS ends the OVDP on September 28, 2018.
This is the last opportunity for “willful parties” who are United States taxpayers, to clear their tax issues with the United States of America in the event they have unreported bank deposit income or income from certain tangible foreign assets.
It is extremely important for taxpayers who have foreign bank deposits and other types of foreign assets to take advantage of the waning days of this program while they still have the opportunity.