IRS Mulls Repeating Voluntary Disclosure Program


The IRS is ‘seriously considering’ repeating the Voluntary Disclosure Program for holders of secret offshore bank accounts that provides a partial amnesty from full prosecution of the law. The frst Voluntary Disclosure Program was held between March and October 2009 that drew a response from 15,000 taxpayers arising from a crackdown on American offshore accounts in UBS bank of Switzerland. These taxpayers were spared from legal prosecution and only paid a fixed penalty. Since last October, another 3,000 taxpayers have ‘fessed up, who face undetermined penalties.

Under the frst program, the average payment to the IRS was more than $200,000 per person.

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