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IRS Boosts Pressure for Disclosure of Offshore Accounts

U.S. clients of 106 Swiss banks face dramatically steeper penalties under new rules announced by the agency if they don’t disclose their accounts to the Internal Revenue Service by August.

The penalties are among changes to the IRS’s offshore voluntary disclosure program, which has drawn 45,000 account holders who paid $6.5 billion since 2009. Starting Aug. 4, taxpayers making such disclosures will have to pay a penalty of 50 percent of an account’s value, not the current 27.5 percent.