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The IRS announced a new initiative on June 26th, 2012 to further enforce timely compliance of U.S federal income tax returns, and also Reports of Foreign Bank and Financial Accounts (FBAR). The previous versions of the program, the 2009 Offshore Voluntary Disclosure Program (OVDP) and the 2011 Offshore Voluntary Disclosure Initiative (OVDI) produced over five billion dollars and repatriated far more than that which has helped stabilize the U.S. financial Markets. A new procedure has been established for current non-residents including, but not limited to, dual citizens who have not filed U.S. income tax and information returns to file their delinquent returns. This procedure will go into effect on Sept. 1, 2012.
