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Compliance with IRS’s new streamlined procedure is “the only viable option”

In a move to offer non-compliant US citizens that did not willfully avoid or evade tax an opportunity to come forward, American tax authorities have introduced a new streamlined filing compliance procedure with significantly reduced penalty, compared to the previous Offshore Voluntary Disclosure Program (OVDP). “This is a huge and beneficial change for individuals and banks,” notes Paul Behling, voluntary…

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