I.R.S. to offer deal to offshore tax evaders - GoFuckYourself.com

Barefootsies · 03-26-2009, 09:36 AM

Quote:

The Internal Revenue Service, under pressure to bring in money to the faltering economy, plans to give offshore tax evaders a big break.

The agency has drafted a plan that significantly lowers a penalty that applies to wealthy Americans who hide money overseas in secret accounts, a person briefed on the matter said Thursday. The plan is intended to lure out of hiding scores of wealthy people who must come forward and declare their accounts in order to take advantage of the lower penalty.

The plan was developed amid a widening investigation into wealthy American clients of UBS but will apply to clients of other banks as well.

Under the plan, according to the person briefed on the issue, the I.R.S. will cut an onerous penalty for not filing a Report of Foreign Bank and Financial Account, known as an Fbar ? something offshore tax evaders have not done.

The current penalty is 50 percent of the high balance of each account over the last three years ? an amount that can wipe out an investor's accounts in just two years ? but the I.R.S. will reduce that penalty to 5 percent to 20 percent, depending in part on whether the wealth was inherited.

The I.R.S. will also require taxpayers to pay any taxes and interest owed over the last six years, as well as assess a standard, accuracy-related penalty of 20 percent. Taxpayers must also file amended returns for the last six years.

The proposal, which the I.R.S. is communicating to its field agents who audit returns, does not allow taxpayers to escape potential prosecution, but it makes that outcome less likely, in particular for those covered under the 5 percent Fbar penalty, this person said.

"They need to get money back into the system, so they needed to sweeten the deal," the person said.

An I.R.S. spokesman declined to comment.

The plan comes after the I.R.S. last November scrapped a last-minute proposal to create a global settlement for taxpayers with offshore accounts. Such settlements in the past have come under criticism for not attracting enough tax evaders.

The new plan may be more likely to draw in tax evaders because the I.R.S. and the Justice Department are exerting significant legal pressure on UBS, the world's largest private bank, to disclose 52,000 client names. Unless those clients come forward before their names are potentially turned over, they can face a heightened risk of being prosecuted, as well as the steeper Fbar penalties.

http://www.iht.com/articles/2009/03/...ness/27tax.php

pornguy · 03-26-2009, 09:41 AM

Fucking amazing.. If that had been me with 10k they would take 50% plus 20% Plus back penalties of 40%

I would OWE.

Barefootsies · 03-26-2009, 09:43 AM

Quote:

Originally Posted by pornguy

Fucking amazing.. If that had been me with 10k they would take 50% plus 20% Plus back penalties of 40%

I would OWE.

aGREED.

Fucking unbelievable.

LiveDose · 03-26-2009, 09:51 AM

I would love to see that list of names...

IllTestYourGirls · 03-26-2009, 09:54 AM

We should just get rid of the income tax.

JFK · 03-26-2009, 09:55 AM

Quote:

Originally Posted by LiveDose

I would love to see that list of names...

so would the irs

V_RocKs · 03-26-2009, 09:56 AM

Sweet. Time to settle!

Xxaru Media · 03-26-2009, 09:59 AM

The people on that list, should remove all their money from that bank and permanently relocate overseas if they want to keep their money.

polish_aristocrat · 03-26-2009, 10:02 AM

how about webmasters hiding money in epass?

woj · 03-26-2009, 10:03 AM

50%?! jeez, they don't fuck around with the offshore accounts...

Barefootsies · 03-26-2009, 10:32 AM

Quote:

Originally Posted by Ledrak

The people on that list, should remove all their money from that bank and permanently relocate overseas if they want to keep their money.

Reak AGV · 03-26-2009, 10:33 AM

Quote:

Originally Posted by Ledrak

The people on that list, should remove all their money from that bank and permanently relocate overseas if they want to keep their money.

Yeah, note taken in my book

Nikki_Licks · 03-26-2009, 11:47 AM

Screw the IRS. I hope they get nothing....bunch of crooks

Don Pueblo · 03-26-2009, 11:55 AM

anyone who ever owes taxes doesnt have a good enough jewish accountant. the older and more snide the better.

Angry Jew Cat - Banned for Life · 03-26-2009, 12:03 PM

and offshore tax evaders are still laughing their asses off at the idea i'm sure...

Puremeds-J · 03-26-2009, 12:14 PM

fucking irs

ztik · 03-26-2009, 01:04 PM

Quote:

Originally Posted by Angry Jew Cat

and offshore tax evaders are still laughing their asses off at the idea i'm sure...

pretty much

the irs acts like its a privilege to be taxed, like are doing US a favor

yeah...

03-26-2009, 09:41 AM	#2
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,912	Fucking amazing.. If that had been me with 10k they would take 50% plus 20% Plus back penalties of 40% I would OWE. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

03-26-2009, 09:51 AM	#4
LiveDose Show Yer Tits! Industry Role: Join Date: Feb 2002 Location: Somewhere Out there... Posts: 25,792	I would love to see that list of names... __________________ Scammer Alert: acer19 acer [email protected] [email protected] Money stolen using PayPal

03-26-2009, 09:54 AM	#5
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	We should just get rid of the income tax. __________________

03-26-2009, 10:02 AM	#9
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	how about webmasters hiding money in epass? __________________ I don't use ICQ anymore.

03-26-2009, 10:03 AM	#10
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	50%?! jeez, they don't fuck around with the offshore accounts... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

03-26-2009, 09:56 AM	#7
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,391	Sweet. Time to settle!

03-26-2009, 09:59 AM	#8
Xxaru Media Confirmed User Industry Role: Join Date: Jan 2008 Location: MIA Posts: 255	The people on that list, should remove all their money from that bank and permanently relocate overseas if they want to keep their money.

03-26-2009, 11:47 AM	#13
Nikki_Licks Confirmed User Join Date: May 2005 Location: Behind The Lens Posts: 6,323	Screw the IRS. I hope they get nothing....bunch of crooks __________________ Amateur Content ICQ: 292 356 077

03-26-2009, 11:55 AM	#14
Don Pueblo Confirmed User Join Date: Dec 2004 Posts: 656	anyone who ever owes taxes doesnt have a good enough jewish accountant. the older and more snide the better. __________________ Don Pueblo Worlds Best Latin Lover

03-26-2009, 12:03 PM	#15
Angry Jew Cat - Banned for Life (felis madjewicus) Industry Role: Join Date: Jul 2006 Location: In Mom & Dad's Basement Posts: 20,368	and offshore tax evaders are still laughing their asses off at the idea i'm sure...

03-26-2009, 12:14 PM	#16
Puremeds-J Confirmed User Join Date: Sep 2008 Location: The Mountains of Washington State Posts: 939	fucking irs __________________ BiWeekly Payouts with no delay! - Now on NATS - $30 Per Trial - Check, Wire, Paxum! WE GOT AFRICAN MANGO! - Check out our New Reality Tour for CXPILL!