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Posts tagged "penalty"

What the Increased 50% OVDP Penalty Means for You

Last summer, the IRS announced sweeping changes to its ongoing offshore compliance initiatives. The biggest change was the announcement of new Streamlined Compliance Procedures. Under these procedures, eligible taxpayers who resided in the United States can qualify for a reduced offshore penalty of 5%, with those who resided outside of the U.S. paying no penalty at all.

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