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IRS Says Offshore Tax Disclosures Have Yielded $5 Billion

The U.S. has collected more than $5 billion resulting from taxpayers’ disclosures of offshore accounts, the Internal Revenue Service said today.

The IRS also announced new procedures to help some U.S. taxpayers living abroad catch up on their requirements to file returns. That includes people who recently learned that they are subject to the U.S. tax code.