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IRS Creates Dilemmas for Foreign Account Holders

The Internal Revenue Service announced significant changes in June to its offshore voluntary disclosure program, or OVDP, for U.S. individuals with undisclosed foreign accounts and assets. These changes contain the good for some individuals, the bad for others and forecast the ugly for more.

The program allows a U.S. person to avoid criminal prosecution and limit civil penalties for failing to disclose foreign accounts and assets and/or report the income generated from them.

Read more via the View Media link.