The IRS amnesty program for taxpayers who had previously failed to disclose income from offshore accounts ended last week on October 15. By all accounts, it was wildly successful.
According to IRS Commish Doug Shulman, nearly 7,500 taxpayers came forward to make voluntarily disclosures in hopes of avoiding criminal prosecutions. Dollar amounts ranged from $10,000 to $100 million.
Don’t expect any “Mr. Nice Guy” now. Next on the IRS’ list: more vigorous enforcement of offshore tax cheats.