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The Internal Revenue Service has modified two of its offshore voluntary compliance programs to help more taxpayers come into compliance with their U.S. tax obligations.
The changes announced include expanded streamlined procedures now available to a wider population of U.S. taxpayers living abroad and, for the first time, to certain U.S. taxpayers residing in the country. The changes include:
Under the streamlined procedures, all penalties will be waived for eligible U.S. taxpayers residing abroad. Eligible U.S. taxpayers residing in the country will only receive a miscellaneous offshore penalty equal to 5 percent of the foreign financial assets not in compliance.
The changes also include modifications to the Offshore Voluntary Disclosure Program (OVDP). The changes include:
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