The IRS says its recent program to allow taxpayers to freely step forward to report previously undeclared offshore bank accounts has been very successful.
Get amnesty for your tax debts.
The program ends this week after being extended for an extra month. Thus far, more than 7,500 taxpayers have participated, reporting accounts ranging in sizes up to $100 million. The amnesty program allows those who volunteer disclosure to avoid criminal prosecution and it gives the IRS access to new revenues.
These taxpayers will be required to pay penalties of 20% plus back taxes and interest. Some say nearly half of the money currently sitting in those offshore accounts will be paid to the IRS. There are no plans to further extend the amnesty program.
