IRS Focuses on Foreign Bank Account Holders Again

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After the frst amnesty period offered by the IRS for holders of foreign bank accounts ended in October last year, the IRS Commissioner Doug Shulman has announced that the agency is mulling another voluntary disclosure program. The amnesty program is for those who have avoided taxes by stashing their assets in overseas bank accounts to come clean and declare them. The frst amnesty period drew a response from about 15,000 taxpayers. Closed cases among these 15,000 taxpayers have yielded an average payment of $200,000 in taxes including interests and penalties.

However, the terms of the new amnesty program is not expected to be as lenient as the frst one. There are rumors that the penalties under the new program could be as high as 50% of the account value annually. Some tax lawyers are of the opinion that this high rate could be a deterrent to people coming forward voluntarily.

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The Law Offices of Darrin Mish, P.A. on:

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