Shulman: Offshore Voluntary Disclosure Effort Garners 12,000 Participants

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About 12,000 taxpayers disclosed their offshore assets to U.S. tax authorities under a special program that closed a few days ago, bringing the total number of such disclosures to about 30,000 since 2009, Commissioner of Internal Revenue Shulman says. Between the 2011 Offshore Voluntary Disclosure Initiative (OVDI) and a similar program two years ago, IRS has collected $2.7 billion, Shulman says, with more expected. The news comes amid sharply increased efforts by U.S. tax authorities to crack down on taxpayers hiding assets in other countries.