Offshore Account Reporting: Not Just Individuals

Law360, New York (September 15, 2009, 4:17 PM EDT) -- On March 23, 2009, the IRS announced a six month amnesty for taxpayers with untaxed offshore assets who voluntarily come in from the cold and disclose the existence of their hidden accounts.

If they do so, they will pay taxes, interest and penalties on the income from these accounts for the past six years, but the penalties would be much less severe than those that would be imposed if they ignored the IRS and got caught.

The announcement did not create voluntary disclosure; that, in one...
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