IRS Provides Updated Voluntary Disclosure Practice Guidance After Closure of OVDP
On November 20, 2018, the IRS issued a memo on “Updated Voluntary Disclosure Practice” (the “Memo”). The Memo sets forth guidance for both domestic and offshore related voluntary disclosures after the recent closure of the Offshore Voluntary Disclosure Program (“OVDP”). The Memo is available here. Why is this guidance important? OVDP was the specifically designed…