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A Critical Time for Voluntary Disclosure of Foreign Assets

A Critical Time for Voluntary Disclosure of Foreign Assets

Changes made to programs designed to stop offshore tax evasion

On June 18, 2014, the Internal Revenue Service introduced significant changes to both its Offshore Voluntary Disclosure Program (OVDP) and its Streamlined Filing Compliance Procedures (Streamlined) and posted updated Frequently Asked Questions on its website.1 These changes apply to new OVDP “submissions” (which most practitioners believe

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