Very, very interesting! Via The New York Times (H/T Going Concern).
Offshore tax evaders received a new incentive on Tuesday to come forward and declare their hidden bank accounts to the Internal Revenue Service, with stiffer penalties than a previous offer but no risk of prosecution.
Under the initiative, Americans with hidden offshore accounts have until Aug. 31 to come forward voluntarily and report the accounts to the I.R.S. in exchange for penalties that, while below what they would ordinarily pay, are still higher than those offered in an earlier amnesty program.
The additional carrot in the new program is a continued promise by the I.R.S. not to prosecute those who come forward for tax evasion.
“The risk to individuals hiding assets offshore is clearly increasing,” Douglas H. Shulman, the I.R.S. commissioner, said during a conference call.
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