IRS simplifies process for certain US citizens residing overseas to comply with filing obligations

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The IRS has announced new procedures that should provide welcome relief for US citizens, including dual citizens, who have missed US tax filing obligations. The new procedure, which goes into effect September 1, 2012, allows certain low compliance risk US taxpayers living abroad who have failed to timely file US tax returns and Reports of Foreign Bank Accounts (FBARs) to get current by filing income tax returns going back three years and FBARs going back six years.

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