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IRS Eases Amnesty for Tax Evaders Who Weren’t ‘Willful’
By Colby Adams
printIn the wake of criticism from a government watchdog, the Internal Revenue Service is close to finalizing changes to a limited amnesty program for Americans illegally hiding funds overseas and dodging reporting requirements, the head of the tax agency said Tuesday. Since 2009, as many as 43,000 U.S. taxpayers who violated the Bank Secrecy Act by failing to report their overseas bank accounts have avoided criminal prosecution through the offshore voluntary disclosure program by fully disclosing their hidden accounts and agreeing to pay all back taxes, interest, and a reduced civil penalty. Despite its apparent success, the agency is questioning...
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