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MSA N NEWSLETTER PRESIDENTS MESSAGE D O N N A M AE W I N Q U I S T Hello MSA Members! Mar Apr 2015 INSIDE THIS ISSUE: At the beginning of March we welcomed our new Director of Labor Relations, Harry

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What is o n n a?

The Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program 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.

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Taxpayers with undisclosed foreign financial assets or income that may result in criminal or civil penalties.

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The OVDP requires taxpayers to submit all relevant documentation and information about their foreign financial assets and income.

What is the purpose of o n n a?

The purpose of the OVDP is to provide taxpayers with a way to come forward voluntarily and resolve their tax compliance issues with the IRS.

What information must be reported on o n n a?

Taxpayers must report all foreign financial accounts, assets, income, and any associated income tax liabilities.

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