OVDP is more reasonable. Eight years of back taxes with penalties and interest. A reduced FBAR penalty - 27.5% of highest balance over eight years (50% if you used the wrong bank). No criminal charge. No prison time. The window closes on OVDP on September 28th.
Under current law, U.S. taxpayers must report certain offshore assets. Each "US person" with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country must file a Report of Foreign Bank and Financial Accounts (more commonly, FBAR) if the aggregate value of such accounts at any point in a calendar year exceeds $10,000.
The Trump administration is moving closer to levying tariffs on nearly half of Chinese imports despite broad opposition from U.S. business.
Offshore accounts and income are still in the IRS crosshairs. […] For ten years, the IRS has run its Offshore Voluntary Disclosure Program (OVDP), a type of tax amnesty. But now, OVDP will formally close on September 28, 2018.
The iconic motorcycle manufacturer disclosed in an SEC filing Monday that it is moving production of motorcycles for the European market offshore because of the retaliatory tariffs imposed by the European Union after President Trump decided to tax imports of European steel and aluminum.