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IRS announces major changes to offshore voluntary disclosure programme

By Laura Gavioli

The Internal Revenue Service (IRS) has announced sweeping changes to its existing voluntary disclosure programme for unreported offshore accounts, making a number of welcome adjustments to its streamlined procedures for non-residents of the US and expanding these procedures to US taxpayers for the first time.

The details have just been released, but the IRS describes the major changes to the streamlined procedures thusly.

The changes announced make key expansions in the streamlined procedures to accommodate a wider group of US taxpayers who have unreported foreign financial accounts…

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