Not yet received a letter initiating an examination‏ ?

The streamlined procedures offer no protection from whatever consequences might arise in a later civil examination and/or criminal tax investigation. The government carries the burden of proving willfulness into the courtroom where “willfulness” has generally required demonstrating that the government prove the taxpayer’s actions were as a result of a “voluntary, conscious and intentional” act by the taxpayer.    A taxpayer who submits an OVDP voluntary disclosure letter pursuant to OVDP FAQ 24 on or after July 1, 2014, is not eligible to participate in the streamlined procedures. Once a taxpayer makes a submission under either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, the taxpayer may not participate in the OVDP. A taxpayer whose case has been removed from OVDP by the IRS is no longer participating in OVDP and thus is not eligible for the transitional treatment described in the Transition Rule FAQs. There are no appeal rights within OVDP, including the determination of whether the taxpayer qualifies for transitional treatment. As to the equation of penalty with tax due, in a sense that is what occurs. The lesser the amount of tax due, generally, the lesser the civil penalty.
That may not be apparent from the program, but those who have watched the FBAR penalty exactions with real data -- even if anecdotal -- should notice some correlation there. Of course, i am speaking of audits and not the automatic penalty regime in FBAR without an opt out.

 While the claim that OVDP is really for those who have "material criminal risk" makes sense in theory, it seems to have little application in practice. Indeed, the most severe examples of FBAR punishment have all been civil cases tried under a "preponderance of the evidence" standard. The relevant case law, the broad scope of wilfulness, the expansive and aggressive enforcement efforts and limited exemptions under pre-existing OVDPs have all left people with the following calculus:
- is there any way wilfulness could be attributed to me
- is there any way I could fall within the limited "reasonable cause" standardhttp://taxlitigator.me/2014/06/24/irs-ovdp-opt-out-vs-transition-to-the-new-streamlined-procedures/
- if I go a QD or GF, what is my audit risk and how much could I lose if the IRS hit me with (I) a single non wilfulness penalty, (ii) multiple non wilfulness penalties, (ii) a single wilfulness penalty or (iv) multiple wilfulness penalty
- how much will I pay in the OVDP (for many expats, this also meant the 5 per cent penalty)
- is it better to go OVDP and then opt out

 http://taxlitigator.me/2014/06/24/irs-ovdp-opt-out-vs-transition-to-the-new-streamlined-procedures/