What is the Offshore Voluntary Disclosure Program?
The Offshore Voluntary Disclosure Program or OVDP is a program designed to allow taxpayers to get relief from 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 in respect of those assets.
If the taxpayer falls within the guidelines of the program, they will receive protection from criminal liability and provides steps to resolve their civil tax and penalties as well.
For more information, follow the link below:
https://www.irs.gov/newsroom/2012-offshore-voluntary-disclosure-program