IRS Extends Amnesty Deadline for Americans to Disclose Offshore Accounts

[elehhhhna]

On March 26, the IRS announced a six-month voluntary disclosure program that requires people with income in undeclared bank accounts to amend six years worth of tax returns and pay back taxes and some penalties.

Those who come forward may be able to avoid criminal prosecution and the IRS may seize a smaller amount of an account’s assets than it would be entitled to otherwise under the law.

The IRS can confiscate the higher of $100,000 or 50 percent of an offshore account’s value when the holder deliberately doesn’t disclose the account to Treasury. The penalty can apply each year the form isn’t filed, so after three years of noncompliance the account holder can owe 150 percent of the account’s value.

Under the IRS program announced in March, the tax agency will take 20 percent of the account’s assets based on its peak value in the previous six years. In cases where the accounts were inactive, the agency will confiscate as little as 5 percent.
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http://www.bloomberg.com/apps/news?pid=20603037&sid=aLGm5Kzps3Wo

[metapunditedgy]

1. Why is an extension needed?

From the article:
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“There are still people who could use more time to get everything sorted out and get their affairs in order,” Olson said.
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Bullshit.

I'm also not impressed by the claims that people are voluntarily coming forward, so why not give more time to do so.

It sounds like the IRS is afraid to prosecute, while in the meantime these parasites are building up their own legal position and looking for new places to hide their money.

[elehhhhna]

LOL we've had many of these names since the end of Clinton's admin.,

and Bush gave 2 years of amnesty commening almost immediately after his coronation. Hell with it, be confiscatory!!! If the average american understood this sordid criminal activity they'd rebel, pronto

[elehhhhna]

2. LOL we've had many of these names since the end of Clinton's admin.,

and Bush gave 2 years of amnesty commening almost immediately after his coronation. Hell with it, be confiscatory!!! If the average american understood this sordid criminal activity they'd rebel, pronto