The IRS's Updated Voluntary Disclosure Procedures for Offshore Accounts and Assets

By: Usman Mohammad
The CPA Journal
January 2019 Edition

On November 20, 2018, the IRS published an Interim Guidance Memo concerning voluntary disclosures, captioned “Updated Voluntary Disclosure Practice” (http://bit.ly/2UHHdLm). The memo sets forth the IRS’s current policy for handling voluntary disclosures (both offshore and domestic) following the closing of the IRS’s formal Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018.

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