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Amnesty pulls in taxpayers with offshore bank accounts
Published:November 18, 2009, 7:28 AM
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Updated: August 21, 2010, 3:06 AM
MIAMI (AP)—More than 14,700 U. S. taxpayers came forward to disclose billions in offshore bank accounts in 70 countries under a voluntary Internal Revenue Service program allowing most to avoid criminal prosecution as long as they pay what they owe, IRS officials said Tuesday.
A flood of people came forward in the last days before the amnesty program expired Oct. 15, IRS Commissioner Doug Shulman said. The amnesty comes amid a broad U. S. crackdown on international tax evasion at Swiss bank UBS AG and other institutions.
Taxpayers flocked to the amnesty program after the U. S. reached an agreement in August with the Swiss government and UBS to obtain names of 4,450 U. S. taxpayers believed to be hiding assets in secret bank accounts.
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