IRS touts its amnesty, trains sights on evaders

Thursday, October 15, 2009, 5:07 AM | Leave Comment

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The Internal Revenue Service said more than 7,500 U.S. taxpayers with undeclared offshore accounts had stepped forward under its limited amnesty program, and the agency announced a new push to stop tax evaders from moving funds between foreign countries.

The accounts ranged in size from just above $10,000 to more than $100 million and were in several hundred banks in 70 countries, IRS Commissioner Douglas Shulman said. Several years ago, only 1,300 taxpayers stepped forward under a similar program.

Under its terms, no one who steps forward and is admitted into the program is likely to be prosecuted criminally. But almost all will have to pay a penalty of 20% of the highest value of the account since 2003, plus back taxes and interest.

In a Nutshell
The special Voluntary Disclosure program, which ends 5 p.m. Thursday, was extended from a Sept. 23 deadline after tax practitioners asked for an extension.

There will be no further extension. So wherever you are, you better take advantage of this IRS generosity.

Read the complete story “IRS Touts Its Amnesty, Trains Sights on Evaders“.

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