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IRS Gives Another Chance to U.S. Citizens With Undeclared Assets

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The Internal Revenue Service is giving U.S. citizens who have shielded assets offshore a third opportunity to come clean, pay a penalty and avoid criminal prosecution.

After collecting $4.4 billion in two so-called voluntary disclosure programs for offshore accounts, the IRS announced plans yesterday to revive the program. Participants will pay as much as 27.5 percent of their most valuable offshore assets or their biggest overseas bank account. They also must disclose the banks and advisers that helped them escape U.S. tax laws.