The Internal Revenue Service said Friday it has collected more than $8 billion from its Offshore Voluntary Disclosure Programs as more than 54,000 taxpayers have come forward to tell the IRS about previously hidden foreign assets.

The Offshore Voluntary Disclosure Program, or OVDP, and the streamlined procedures both enable taxpayers to correct prior omissions and meet their federal tax obligations while mitigating the potential penalties of continued non-compliance. There are also separate procedures for those who have paid their income taxes but omitted certain other information returns.

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