The voluntary disclosure program which allows US taxpayers to avoid criminal prosecution for not reporting foreign accounts ends on Thursday. No, you’re not reading an old post. The amnesty deadline was extended last month from September 23 to Thursday, October 15.
How successful is the program? It’s estimated that between 3,000 and 4,000 taxpayers have made disclosures in 2009. In 2008, there were fewer than 100 such disclosures.
Good news for the IRS – and for taxpayers. Once the deadline passes, all bets are off. Don’t be surprised to see a wave of prosecutions follow.