The Internal Revenue Service said Wednesday it would make major changes in its offshore voluntary compliance programs to provide new options to help both taxpayers residing overseas and those residing in the United States.
The changes are expected to provide thousands of people a new way to come into compliance with U.S. tax obligations. The changes include an expansion of the streamlined filing compliance procedures that were announced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure Program, or OVDP. The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore assets was non-willful.
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