OVDP

AcronymDefinition
OVDPOfficier Van Dienst Politie (Dutch police department)
References in periodicals archive ?
The speakers will also provide noteworthy insights on how to best comply with the updated OVDP and SFCP procedures.
The determining factor between choosing the OVDP and the Streamlined Procedures is whether the failure to disclose foreign financial assets and income was as a result of willful or non-willful conduct.
The OVDP is available to taxpayers who truthfully, timely, and fully disclose to the IRS the existence of their previously undisclosed funds from legal sources held in foreign jurisdictions, and who otherwise cooperate with the IRS.
Recognizing that the one-size-fits-all OVDP may not be appropriate for all nonwillful taxpayers, and in the interest of promoting fairness so that foreign account holders will in fact come forward, the IRS expanded an existing streamlined reporting program.
Taxpayers can either enter the 2012 OVDP or use the traditional, informal method.
2Y OVDPs received just two bids totalling UAH250mn at the market level yield of 10% (not 9% presumably targeted by the MoF).
The OVDP is 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 taxes due on those assets.
Taxpayers requesting a preclearancr under die 2014 OVDP Frequently Asked Questions 23 must disclose the following identilying informati on to IRS-CI Lead Development Center:
clients who are being pressed to enter the OVDP so their banks can reduce their penalty exposure," said Mark D.
Over the week 7-14th July non-residents reduced their OVDP portfolio by 9.
The updated procedures for OVDP and SFCP provides new option to help both taxpayers residing overseas and those residing in the U.