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Friday, Mar 29, 2024

Tax Amnesty Deadline Arrives for Offshore Accounts

Disclosures by taxpayers with assets in previously undisclosed offshore financial accounts continued to roll in to special agents at the Internal Revenue Service as the Oct. 15 deadline tax amnesty came to an end. In March, taxpayers with such accounts (i.e., mostly Swiss and Caribbean bank accounts) were given until Sept. 23, to come forward without jeopardy of facing incarceration for tax evasion. That deadline was later extended to Oct. 15. Taxpayers who miss the deadline face harsh civil penalties, according the IRS, as well as possible criminal prosecution. While most people with overseas accounts will approach the IRS with disclosures through their attorneys, the IRS advises individuals who want to take advantage of the amnesty opportunity to contact a local IRS Criminal Investigation office. Initial Individuals or their representatives may either contact the nearest Special Agent in Charge, IRS Criminal Investigation, stating their wish to make a voluntary disclosure, or provide a letter outlining information needed to assist the IRS in determining their acceptance into the voluntary disclosure program. The IRS is reporting that as of the final day of amnesty wound to a close, about 7500 individuals and families had come forward. Senator Carl Levin (D-Michigan), was encouraged by the results. “The fact that more than 7,500 US taxpayers took advantage of the IRS voluntary disclosure program to disclose hidden foreign accounts at more than 100 banks in 70 countries suggests that our efforts to end tax haven abuses may be making progress,” Levin said. The senator led a special group charged with investigating tax evasion by the ultra-wealthy. Thom Senzee

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