If you still haven’t reported taxable foreign account income to the IRS, the IRS offshore voluntary disclosure amnesty program might be your final chance. If you fail to participate, you could be hit with stiffer fines and possible criminal charges. Additionally, you incur the risk that the IRS will catch you in the forthcoming years. If they do and you are guilty, your opportunity to pay Uncle Sam and receive a lower IRS penalty under an amnesty program could be permanently lost.
Now, the IRS is in full force on its campaign on unreported foreign bank accounts. The Internal Revenue Service will get the names of account owners in another Swiss bank now, Wegelin & Co. A federal district court has approved an IRS summons for this specific purpose.
That news is likely to drive even more scofflaws into the agency’s amnesty program,where taxpayers can come forward voluntarily and pay a civil penalty to avoid criminal prosecution.
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