The IRS Softens on Some Foreign Account Holders

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Last year, the IRS caused a storm by aggressively pursuing tax evaders who had been taking advantage of somewhat little enforced US laws and lax foreign-government rules and regulations. As a result, the laws and regulations governing such tax evasion practices were interpreted broadly to ensnare alleged tax evaders. However, now, the IRS seems to have sought to calm the waters a little bit.

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