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IRS will close its offshore voluntary disclosure program.
The Internal Revenue Service will close its offshore voluntary disclosure program (OVDP) on 28 September.
Since its launch in 2009, more than 56,000 taxpayers have made voluntary declarations and have paid US$11.1bn in tax, interest and penalties. The number of disclosures peaked in 2011, when about 18,000 people came forward but has declined since, with only 600 disclosures last year.
Details of the options for US taxpayers with undisclosed foreign financial assets is on the IRS website.
