How Offshore Account Holders Can Reduce Tax Penalties: IRS Reviews Amended Returns for Quiet Disclosures and Extends the FBAR Filing Deadline
Monday, June 29th, 2009In an effort to bring more tax evaders to the surface, the IRS has issued a new voluntary offshore compliance initiative in March of 2009, which provides more lenient penalties for tax evaders who have placed their assets overseas. In this initiative, taxpayers who voluntarily disclose their wrongdoings will only be punished with paying back taxes, certain penalties, and interest. Those who come forward will not face criminal charges unless
