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Expert Analysis

A Warning To Noncompliant Taxpayers With Offshore Holdings

Law360, New York (October 21, 2015, 11:00 AM EDT) -- Just one day after the Oct. 15 deadline for filing personal income tax returns on extension, the Internal Revenue Service issued a strongly-worded warning to non-compliant taxpayers: take action now to fix your problem, or face serious consequences. At the same time, the IRS revealed, for the first time, that nearly 85,000 taxpayers have taken advantage of voluntary disclosure programs for unreported offshore assets over the course of the last seven years. The IRS also disclosed that it has conducted "thousands" of offshore-related civil audits of taxpayers, resulting in the payment of "tens of millions of dollars" to the U.S. Treasury....

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