IRS Amnesty Lets Offshore Cheats ‘Come in Before We Find Them’
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U.S. taxpayers with hidden offshore accounts have until Aug. 31 to decide whether to disclose their holdings to the government without being criminally prosecuted, the Internal Revenue Service said.
The voluntary disclosure program announced yesterday will require those who come forward to pay up to 25 percent of the highest annual amount in the account from 2003 through 2010, plus back taxes, interest and other penalties for those years. Tax attorneys said new bank-disclosure requirements that take effect in 2013 could make the offer enticing.