IRS Settles With 14,700 Over Foreign Accounts

IRS Settles With 14,700 Over Foreign Accounts - 11-18-2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

IRS Settles With 14,700 Over Foreign Accounts
Curt Anderson

The Associated Press. November 18, 2009
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EXCERPT: More than 14,700 U.S. taxpayers came forward to disclose billions in offshore bank accounts in 70 countries under a voluntary Internal Revenue Service program allowing most to avoid criminal prosecution as long as they pay what they owe, IRS officials said Tuesday. A flood of people came forward in the last days before the amnesty program expired Oct. 15, IRS Commissioner Doug Shulman said. The final total far surpasses the number who disclose offshore accounts in a typical year -- about 100 -- and comes amid a broad U.S. crackdown on international tax evasion at Swiss bank UBS AG and other institutions. "To put it simply, this is a historic milestone for the nation's hardworking taxpayers," Shulman said in a conference call from Washington, D.C. The total in taxes, interest and penalties collected from those in the voluntary disclosure program will be in the "billions of dollars," Shulman said. The disclosures involved accounts on every continent but Antarctica. Taxpayers flocked to the amnesty program after the U.S. reached an agreement in August with the Swiss government and UBS to obtain names of 4,450 U.S. taxpayers believed to be hiding assets in secret bank accounts. Earlier this year, UBS paid a $780 million penalty under a deferred prosecution agreement filed in a Florida federal court that included disclosure of an additional 150 names. Seven of those people have been charged criminally, with at least two getting sentenced to prison time. Shulman said the combination of the UBS disclosures and the amnesty program have fundamentally changed the offshore tax landscape, particularly in Switzerland where bank secrecy was the tradition for centuries. "It shows we are serious about piercing the veil of bank secrecy," he said. "The whole game has changed."

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