In what will come as a measure of relief to private banks and their clients, the IRS has announced important and favorable changes to the 2011 Offshore Voluntary Disclosure Initiative (‘2011 OVDI’) which allows non-compliant US citizens, green card holders and tax residents to become compliant with their historic tax and information reporting obligations. Although these changes are still reflective…
IRS announces changes to OVDI; allows delinquent tax payers some leeway
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