7,500 offshore tax evaders come clean

Wednesday, October 14 2009 at 03:46 PM EDT
Contributed by: Don Winner, www.panama-guide.com
Views: 24

WASHINGTON (Reuters) - Thousands of wealthy Americans have volunteered information about unreported income hidden in overseas accounts ahead of the deadline for a U.S. government tax amnesty program, the U.S. tax commissioner said on Wednesday. Roughly 7,500 Americans have taken part in the amnesty program, more than double the participation reported a few weeks ago, Doug Shulman, commissioner of the Internal Revenue Service, told reporters during a briefing. The amnesty program ends on Thursday. The IRS is expanding its offshore tax crackdown and will open new criminal offices in Beijing, Sydney and Panama, Shulman said. "The IRS has new momentum in this entire area and in the coming months our efforts will only intensify," he said. Under the amnesty program that began in September, tax cheats can declare offshore income, pay reduced fines and get general immunity from criminal prosecution. The program turned up undeclared income from offshore accounts ranging from $10,000 to more than $100 million, Shulman said. (Reporting by Kim Dixon; Editing by Diane Craft)

By sloopskipper on Oct 14, 2009, 17:52 in Off Topic.

Miguel_Clavo says on Oct 15, 2009, 19:57: Damn, i didnt want to do it, but i reported the $100 million.....crapola. RVW orderded me to remove my tagline congratulating the PBH Mods New Golden Boys. Lame. 0 funny, 0 helpful.

dwmte7 says on Oct 17, 2009, 12:02: about time you came clean, miguel. now you'll be asking for tax credits and deferrals. patriarch 0 funny, 0 helpful.

vinod says on Oct 20, 2009, 09:00: Old German saying: Geld allein macht nicht gluecklich. Man muss es auch in der Schweiz haben. "Money alone does not make you happy. You must have that money in Switzerland too." 0 funny, 0 helpful.

dwmte7 says on Oct 20, 2009, 14:28: i thought it was......".....first the money has to be in switzerland." patriarch 0 funny, 0 helpful.

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