Mr. Shaman
Well-Known Member
- Joined
- Nov 27, 2007
- Messages
- 7,829
"Some 14,700 rich Americans, worried about a stepped-up U.S. crackdown on offshore tax cheats, have turned themselves in under the government's amnesty program.
The Internal Revenue Service amnesty program, which ended in October, offered reduced penalties for voluntarily disclosing previously undeclared foreign holdings. It is part of a broader effort by the United States and other authorities to crack down on tax evasion.
Of the nearly 15,000 newly disclosed accounts, many involved bank accounts in Switzerland and Europe, but assets were hidden in more than 70 countries.
Participation in the IRS program was "unprecedented" and the final number was nearly double the agency's estimate in October, U.S. Internal Revenue Service Commissioner Douglas Shulman told reporters in a telephone briefing."
"VERY wise choice, everyone."