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Key Issues:
- The Internal Revenue Service has determined that a significant number of U.S. citizens and lawful permanent residents employed at foreign embassies, foreign consular offices and international organizations in the United States have failed to fulfill their U.S. income tax responsibilities
- The IRS has announced a settlement initiative under which such employees can resolve income tax matters related to their employment
- The settlement initiative includes waiver of certain penalties
- The settlement initiative will expire on February 20, 2007
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