The IRS tax amnesty program that ended last fall resulted in roughly 14,700 people reporting offshore bank account information that they were previously hiding.
IRS Tax Forms for 2009
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Early on, the IRS predicted that approximately 7,500 people would come forward. It is safe to say that they were pleasantly surprised by how the numbers actually worked out. IRS Commissioner Doug Shulman said that the IRS was “flooded with people coming in during the final days of the program.”
The program is largely considered a success because it will net the IRS enormous revenues and it brings a great number of taxpayers into compliance, hopefully in a permanent way. Indeed, the IRS and state governments may consider new amnesty programs as the need for revenue continues to grow.
