IRS ending amnesty for taxpayers with secret foreign bank accounts | Gerson Preston
The IRS is ending a program that has allowed tax scofflaws with undisclosed foreign assets to fess up and avoid prosecution.
Come Sept. 28, anyone who hasn’t taken advantage of the voluntary disclosure program could face significant penalties or criminal prosecution if their tax avoidance is discovered.
“Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said David Kautter, acting IRS commissioner, in a statement announcing the impending end of the partial amnesty.
“All along, we have been clear that we would close the program at the appropriate time, and we have reached that point,” Kautter said. “Those who still wish to come forward have time to do so.”
https://www.cnbc.com/2018/03/14/irs-ending-taxpayer-amnesty-for-hidden-foreign-accounts.html
