The end of the Offshore Voluntary Disclosure Program – what’s next for voluntary disclosures?
The Offshore Voluntary Disclosure Program (OVDP) ended on September 28, 2018, following highly successful 2009, 2011, and 2012 programs. There were more than 56,000 voluntary disclosures since 2009 and more than $11.1 billion in back taxes, interest, and penalties collected. The next step was two new enforcement units which became operational as of January 2018. This video reviews these two units, the National Coordinated Data Investigations Unit and the International Tax Enforcement Group; as well as the IRS’s LB&I compliance campaigns.
Matthew D. Lee
Fox Rothschild LLP
- Partner in the Philadelphia office of Fox Rothschild LLP
- Former U.S. Department of Justice trial attorney
- Practice emphasizes all aspects of white collar criminal defense and federal tax controversies
- Advises clients on FATCA and FBAR reporting requirements and IRS voluntary disclosure programs
- Counsels foreign banks on FATCA compliance issues
- Author of The Foreign Account Tax Compliance Act Answer Book 2017 (Practising Law Institute)
- Frequent speaker and writer on issues relating to the IRS voluntary disclosure programs, DOJ/IRS enforcement efforts regarding undeclared foreign bank accounts, and FBAR and FATCA rules and regulations
- Member of the Pennsylvania, New York, New Jersey and District of Columbia Bars
- J.D. degree, Emory University School of Law; B.A. degree, Furman University
- Can be contacted at 215-299-2765 or [email protected]
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