Can I switch to the Streamlined Procedure after being accepted into the OVDP?
The short answer is yes.
If you qualify for the Streamlined Procedure but have been accepted into the Offshore Voluntary Disclosure Program prior to September 1, 2012, you may opt out of the Offshore Voluntary Disclosure Program and request the Streamlined Procedure.
To opt out, you’ll need to inform the examiner of your decision in writing. This is an irreversible choice and you’ll receive a letter confirming it. The examiner assigned to your case will then be able to make a risk determination for your submission and close your case through the Streamlined Procedure. If all items required for the voluntary disclosure program have already been submitted to the IRS, you will not be required to resubmit for the Streamlined Procedure.