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On 13 March 2018 the US Internal Revenue Service (IRS) announced that it will end the 2014 Offshore Voluntary Disclosure Program (OVDP) on 28 September 2018 but it will continue the following programs: Streamlined Filings Compliance Procedures, the Delinquent FBAR Submission Procedures and the Delinquent International Information Return Submission Procedures. Taxpayers with undisclosed foreign financial assets should consult with their US tax advisors before termination of the OVDP, which is designed for taxpayers whose noncompliance may be due to willful conduct or who could be subject to criminal tax penalties. To participate in the OVDP before its closes, taxpayers must submit a standard form disclosure letter and attachments providing information on their undisclosed foreign financial assets, as well as the financial institutions or intermediaries associated with such assets, and the materials must be received or post-marked on or before 28 September 2018.

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