IRS Collects More Than $5 Billion from Offshore Tax Disclosures

IRS Collects $5 Billion from Offshore Tax Disclosures

The IRS announced today that disclosures from taxpayers of offshore accounts have resulted in its collection of more than $5 billion dollars.

The IRS also announced new procedures designed to help taxpayers who are living abroad to catch up on their requirements to file returns. The new procedure includes people who have recently learned they are subject to the U.S. tax code.

In a telephone interview with Bloomsberg, IRS Commissioner Douglas Shulman said that the program’s aim was to “crack down” on individuals who are willfully hiding assets overseas and neglecting their taxpayer duties. Those taxpayers who owe less than $1,500 for each of the past few years are eligible for the program, which begins September 1.

 

 

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