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American Expats get US disclosure program changes
Zone(s): USA ¦ Sector(s): Taxation
The IRS has disclosed that, since the launch of the first program, more than 45,000 taxpayers have become compliant voluntarily, paying about USD6.5bn in taxes, interest, and penalties. The IRS confirmed that the changes “reflect the thoughtful input of the tax community given the growing awareness among US taxpayers of their offshore tax obligations.” An expansion of the streamlined filing compliance procedures, which were originally announced in 2012, is intended for US taxpayers whose failure to disclose their offshore assets was “non-willful,” while there are other important modifications to the 2012 OVDP.