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New IRS Program Allows Those with Secret Offshore Accounts to Avoid Prosecution

Posted Jan 9, 2012 4:55 PM CDT
By Martha Neil

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A new Internal Revenue Service program announced today allows individuals who evaded income tax by keeping assets in secret offshore bank accounts to avoid prosecution and pay reduced penalties by voluntarily disclosing their wrongdoing.

They will also be required to identify bankers and other advisers who helped them, Bloomberg notes.

Unlike two prior programs, this one has no specific end date, the Associated Press reports.

"If we catch people before they come in voluntarily, it's going to be a much worse outcome for the taxpayer," said IRS Commissioner Douglas Shulman at a press conference today.

Related coverage:

ABAJournal.com: "Report: Swiss Banks Likely to Pay Billions, Name Secret Account-Holders to Settle US Probe"

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