IRS Targets More Offshore Tax Cheats


Arising from the IRS’ successful effort to collect taxes from overseas bank accounts, in particular those held in Swiss bank UBS AG, the agency is now mulling replicating the steps taken with other overseas banks and financial centers. In the long drawn affair with UBS, the IRS managed to collect taxes on about $20 billion stashed in thousands of bank accounts that earned UBS $200 million a year.

Now the IRS is targeting other countries beyond Switzerland. At the same time, according to IRS Commissioner Doug Shulman, the agency is mulling having another amnesty period similar to the last one that ended in October 2009. This amnesty period will allow American taxpayers who have not been declaring their offshore assets to voluntarily step forward to declare them in exchange for a dismissal of criminal prosecution by the IRS. The IRS estimates that there are 2 million Americans with undeclared overseas bank accounts resulting in $100 billion a year in unpaid tax revenue to the US Treasury.

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