The IRS is closing the Offshore Voluntary Disclosure Program effective as of September 28, 2018. This program was specifically designed for taxpayers with exposure to potential criminal liability and or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due with respect to those assets. OVDP submissions must be received or postmarked by September 28th and must be complete in order to be considered by the IRS.
The Streamlined Filing Compliance Procedures for non-willful failures will continue to be available after September and eligible taxpayers are encouraged to utilize these procedures while they continue to be available.
Taxpayers with unreported offshore financial assets, including cryptocurrency, should consult with their tax professional as soon as possible.