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I.R.S. to offer deal to offshore tax evaders

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

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

I would OWE.

Quote:

Originally Posted by pornguy (Post 15674724)

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.
:disgust

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

We should just get rid of the income tax. :2 cents:

Quote:

Originally Posted by LiveDose (Post 15674766)

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

so would the irs:1orglaugh

Sweet. Time to settle!

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

how about webmasters hiding money in epass? :upsidedow

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

Quote:

Originally Posted by Ledrak (Post 15674808)

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

:2 cents:

Quote:

Originally Posted by Ledrak (Post 15674808)

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 :)

Screw the IRS. I hope they get nothing....bunch of crooks :321GFY

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

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

Quote:

Originally Posted by Angry Jew Cat (Post 15675409)

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...