IRS gives offshore account holders more time
(New York Times): The Internal Revenue Service will announce on Monday that it is extending its amnesty program intended to root out those suspected of using offshore accounts to evade taxes. The move comes as a flood of wealthy Americans with secret accounts in Switzerland and elsewhere are coming forward to disclose their hidden assets. The I.R.S. will give such account holders an additional 22 days, until Oct. 15, to reveal their accounts if they hope to escape stiffer penalties, a government official said late Sunday. After that, the government plans to prosecute those suspected of tax evasion whose identities it learns but who do not come forward.
Category: Business
