Get ready for another offshore voluntary program. After two successful Voluntary Disclosure Programs in which about $4.4 billion in hidden taxes was collected from about 33,000 taxpayers, the IRS is set to organize another one soon. In 2009, the first Voluntary Disclosure program, about $3.3 billion in taxes and fines was collected whereas the second program in 2011 collected another $1 billion.
The Voluntary Disclosure program is aimed at giving the opportunity to those who have been hiding taxable income in offshore accounts to declare their assets, pay a fine and avoid criminal prosecution. This time, the participants will have to pay a penalty of up to 27.5% of their biggest offshore asset or their biggest overseas bank account. They must also reveal details of the banks and identities of the advisers who helped them dodge paying taxes.
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