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Updated 3/27/2009 1:58 AM | Comments
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By Kevin McCoy, USA TODAY Trying to lure wealthy Americans to disclose assets hidden offshore, the IRS on Thursday announced a six-month program that offers lower penalties to those who come forward and pay taxes due on the secret holdings. The offer includes clients of UBS, the Swiss banking giant that last month gave federal investigators the names of American owners for about 300 accounts in a continuing federal court showdown. Along with lower tax penalties, those who comply are expected to avoid criminal prosecution. "This is a chance for people to come clean on their own," said IRS Commissioner Douglas Shulman. "For taxpayers who continue to hide their heads in the sand, the situation will only become more dire." Under the plan, owners who disclose foreign accounts would pay: •Back taxes and interest for a minimum of six years.
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•A 25% delinquency penalty for each year in which tax returns weren't filed, or a 20% accuracy penalty for years in which returns were filed but income from offshore accounts wasn't included. •A penalty equal to 20% of the highest aggregate value at any point during the last six years for all previously secret foreign accounts. Until now, the IRS could impose penalties of at least 50% for all years in which an account wasn't disclosed. In some cases, that could exceed the value of the offshore holdings. The IRS said those already under criminal investigation for tax evasion are too late to qualify. But the agency said UBS account holders not part of such a probe would be eligible. Robert McKenzie, a lawyer for more than a dozen American clients with UBS accounts, predicted the program would prompt more disclosures because it would enable evaders to compute their liability "almost to the penny" — which wasn't possible before. The IRS said the number of Americans who have disclosed foreign accounts has more than doubled this federal fiscal year over 2007-08. The announcement comes amid a U.S. legal battle to get owners' names for 52,000 UBS accounts in which Americans held at least $14.8 billion. UBS, which admitted helping U.S. clients evade taxes, maintains that turning over the information would violate Swiss banking secrecy laws.
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Posted 3/26/2009 1:13 PM E-mail | Save | Print | Reprints & Permissions |
Updated 3/27/2009 1:58 AM
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is so desperate for green, he'll cut you some slack to get your business back! Gosh, wouldn't it be nice if the IRS were that nice to the rest of us?. Nah, we're peons. They can pounce on us as hard as they want, right? We're already paying more to make up the difference, so what the hey?
Recommend 1 | Report Abuse
jazgr8 (1 friends, send message) wrote: 3/28/2009 9:48:28 PM
jost (3 friends, send message) wrote: 1d 10h ago "For taxpayers who continue to hide their heads in the sand, the situation will only become more dire." ========= So, can a conservative Republican please explain how the money hidden in Swiss accounts is part of the 'trickle down' economics that is used to justify wealthy tax breaks. I'd appreciate any explanation you may have. Thanks. +++++++++++++++++++++ LOL! I am going to make a wild guess that there are plenty of members of both parties who could provide such an explanation for you.
Recommend 3 | Report Abuse
MrB443 (23 friends, send message) wrote: 3/28/2009 5:03:43 PM
Next years Torbo Tax will ask if you have any off shore acounts and if you want to report them. It's a nice effort but I don't think it's worth the effort.
Recommend | Report Abuse
katocat (116 friends, send message) wrote: 3/28/2009 12:08:29 AM
This problem can be solved by a federal sales tax or a flat tax on all income/revenue/monatary growth/trade with no exemptions of any kind ------------------------------------------------ ---------Incredibly naive and ill thought out.
Recommend 1 | Report Abuse
American Sentry (180 friends, send message) wrote: 3/27/2009 6:06:29 PM
jost (3 friends, send message) wrote: 6h 1m ago "For taxpayers who continue to hide their heads in the sand, the situation will only become more dire." ========= So, can a conservative Republican please explain how the money hidden in Swiss accounts is part of the 'trickle down' economics that is used to justify wealthy tax breaks. I'd appreciate any explanation you may have. Thanks. = Trickley question, you say? Illegal practices are not Republican edicat. Hidden money is anti-economic waste to the monetary system. Like a big hole in your favorite molar, hurts when you chew on it. That money is effectively lost to everyone during the time of its' hiding and to balance the fiscal accounting sheet, more greenbacks must be printed by the Fed. This adds a little inflationary puff to the Fed Resurve, causing consumer prices to raise. The big payback is when the drag-net brings up really big fish from the bottom, and/or a full net of small fryes. When those big mossey bucks are added to the stew then, the Fed pulls dollars out of the system to compensate. That is, untill the obamacrook sham gang took offices, look for 'stag-flation' (pun) in the future. Econ 101, 'really. You should have known'. I'M A REPPI!.
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More comments on this story: 1 2 3 4 5 6 7 Next
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Featured video
Updated 3/27/2009 1:58 AM | Comments
92 | Recommend
14
E-mail | Save | Print | Reprints & Permissions |
By Kevin McCoy, USA TODAY Trying to lure wealthy Americans to disclose assets hidden offshore, the IRS on Thursday announced a six-month program that offers lower penalties to those who come forward and pay taxes due on the secret holdings. The offer includes clients of UBS, the Swiss banking giant that last month gave federal investigators the names of American owners for about 300 accounts in a continuing federal court showdown. Along with lower tax penalties, those who comply are expected to avoid criminal prosecution. "This is a chance for people to come clean on their own," said IRS Commissioner Douglas Shulman. "For taxpayers who continue to hide their heads in the sand, the situation will only become more dire." Under the plan, owners who disclose foreign accounts would pay: •Back taxes and interest for a minimum of six years.
Share
Barry from D.C.
Yahoo! Buzz Add to Mixx Facebook Twitter More Subscribe myYahoo iGoogle More Obama surprises Va. Gov. Kaine on radio show.
Light it up
Mich. family on their 30,000-light Christmas display.
Brittany Murphy
Family says actress was ill days before death. More: Video
•A 25% delinquency penalty for each year in which tax returns weren't filed, or a 20% accuracy penalty for years in which returns were filed but income from offshore accounts wasn't included. •A penalty equal to 20% of the highest aggregate value at any point during the last six years for all previously secret foreign accounts. Until now, the IRS could impose penalties of at least 50% for all years in which an account wasn't disclosed. In some cases, that could exceed the value of the offshore holdings. The IRS said those already under criminal investigation for tax evasion are too late to qualify. But the agency said UBS account holders not part of such a probe would be eligible. Robert McKenzie, a lawyer for more than a dozen American clients with UBS accounts, predicted the program would prompt more disclosures because it would enable evaders to compute their liability "almost to the penny" — which wasn't possible before. The IRS said the number of Americans who have disclosed foreign accounts has more than doubled this federal fiscal year over 2007-08. The announcement comes amid a U.S. legal battle to get owners' names for 52,000 UBS accounts in which Americans held at least $14.8 billion. UBS, which admitted helping U.S. clients evade taxes, maintains that turning over the information would violate Swiss banking secrecy laws.
Yahoo! Buzz Mixx
Posted 3/26/2009 1:13 PM E-mail | Save | Print | Reprints & Permissions |
Updated 3/27/2009 1:58 AM
To report corrections and clarifications, contact Reader Editor Brent Jones. For publication consideration in the newspaper, send comments to [email protected]. Include name, phone number, city and state for verification. To view our corrections, go to corrections.usatoday.com.
Guidelines: You share in the USA TODAY community, so please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Use the "Report Abuse" button to make a difference. Read more.
You must be logged in to leave a comment. Log in | Register
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is so desperate for green, he'll cut you some slack to get your business back! Gosh, wouldn't it be nice if the IRS were that nice to the rest of us?. Nah, we're peons. They can pounce on us as hard as they want, right? We're already paying more to make up the difference, so what the hey?
Recommend 1 | Report Abuse
jazgr8 (1 friends, send message) wrote: 3/28/2009 9:48:28 PM
jost (3 friends, send message) wrote: 1d 10h ago "For taxpayers who continue to hide their heads in the sand, the situation will only become more dire." ========= So, can a conservative Republican please explain how the money hidden in Swiss accounts is part of the 'trickle down' economics that is used to justify wealthy tax breaks. I'd appreciate any explanation you may have. Thanks. +++++++++++++++++++++ LOL! I am going to make a wild guess that there are plenty of members of both parties who could provide such an explanation for you.
Recommend 3 | Report Abuse
MrB443 (23 friends, send message) wrote: 3/28/2009 5:03:43 PM
Next years Torbo Tax will ask if you have any off shore acounts and if you want to report them. It's a nice effort but I don't think it's worth the effort.
Recommend | Report Abuse
katocat (116 friends, send message) wrote: 3/28/2009 12:08:29 AM
This problem can be solved by a federal sales tax or a flat tax on all income/revenue/monatary growth/trade with no exemptions of any kind ------------------------------------------------ ---------Incredibly naive and ill thought out.
Recommend 1 | Report Abuse
American Sentry (180 friends, send message) wrote: 3/27/2009 6:06:29 PM
jost (3 friends, send message) wrote: 6h 1m ago "For taxpayers who continue to hide their heads in the sand, the situation will only become more dire." ========= So, can a conservative Republican please explain how the money hidden in Swiss accounts is part of the 'trickle down' economics that is used to justify wealthy tax breaks. I'd appreciate any explanation you may have. Thanks. = Trickley question, you say? Illegal practices are not Republican edicat. Hidden money is anti-economic waste to the monetary system. Like a big hole in your favorite molar, hurts when you chew on it. That money is effectively lost to everyone during the time of its' hiding and to balance the fiscal accounting sheet, more greenbacks must be printed by the Fed. This adds a little inflationary puff to the Fed Resurve, causing consumer prices to raise. The big payback is when the drag-net brings up really big fish from the bottom, and/or a full net of small fryes. When those big mossey bucks are added to the stew then, the Fed pulls dollars out of the system to compensate. That is, untill the obamacrook sham gang took offices, look for 'stag-flation' (pun) in the future. Econ 101, 'really. You should have known'. I'M A REPPI!.
Recommend | Report Abuse
More comments on this story: 1 2 3 4 5 6 7 Next
Sponsored Links Allstate ® Auto Insurance Drivers Who Switched Saved Average of $396. Get a Quote in Minutes!
Allstate.com
How we make 100% Penny Stock Gains Find out how our subscribers are loving 100% return on Penny Stocks.
www.PennyPic.com
3.67% APR - Refinance Now Refi & Save with DPR(r)! No SSN Req. As Featured on CNNMoney & Forbes.
DeltaPrimeRefinance.com
Get listed here
Newspaper Home Delivery - Subscribe Today Home • News • Travel • Money • Sports • Life • Tech • Weather About USATODAY.com: Site Map | FAQ | Contact Us | Jobs with Us | Terms of Service Privacy Policy/Your California Privacy Right | Advertise | Press Room | Media Lounge | Reprints and Permissions News Your Way: Mobile News | Email News | Add USATODAY.com RSS feeds | Podcasts | Widgets
Partners: USA WEEKEND | Sports Weekly | Education | Space.com Copyright 2009 USA TODAY, a division of Gannett Co. Inc.
