Americans rush to declare offshore accounts

Source: Times Online

Lawyers report getting hundreds of calls from clients with offshore bank accounts that they have not declared to the IRS


Rich Americans are turning themselves in to the Internal Revenue Service (IRS) in droves as the US tax authority steps up its hunt for tax evaders.

Lawyers reported getting hundreds of calls from clients with offshore bank accounts that they have not declared to the IRS, seeking advice on whether to take advantage of an amnesty on tax cheats.

The IRS has given customers of UBS, the Swiss bank, until September 23 to own up to secret foreign bank accounts in return for a financial penalty and the promise of no jail time.

The tax authority underlined how aggressively it intends to pursue non-payers and their agents when the Department of Justice (DoJ) indicted Hansruedi Schumacher, a Swiss banker, and Matthias Rickenbach, a Swiss lawyer, for helping Americans hide their assets from the IRS.

The charges were based on confessions obtained from UBS clients suspected of cheating on tax, according to John DiCicco, acting assistant attorney general of the DoJ’s tax division.

He said: "We encourage foreign banks to come forward and disclose their conduct immediately, before we learn about their criminal conduct from US taxpayers".

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Read more: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6804484.ece

:sarcasm:

who get substantial commissions for doing so. Greed begets greed.

Lord, the house looks like a rummage sale . . . "

Rich tax cheats better come in from hiding before they are prosecuted and have to pay additional fines.

Wonder what kind of asshattery I'm in for now?

Of course the IRS has always known about mine, and taxes have been paid on any gains or dividends.

gives every new customer one of those shiny little US flag lapel pins to wear on Faux News.

the Bush Administration is over.

...............taxing. Let the rich and well off pay their fair share just like the rest of us peons.

Another sign there are two Americas: The rich and everybody else. The IRS sure never made any promises of leniency to me before taking action on tax issues!

May God have mercy on their... buttholes..:evilgrin:

I think since they won't be prosecuting them (other than fines) that at least they should
have their names made available for all to see.

to the public?

And how else does the public have proof that this plan is being carried out if it's all 'private'.