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News Link • TAXES: Federal

More Than 14,700 Americans Disclose Secret Accounts (Update2)

• Bloomberg.com

Nov. 17 (Bloomberg) -- More than 14,700 Americans voluntarily disclosed secret offshore bank accounts to the Internal Revenue Service during a partial amnesty program that ended Oct. 15, Commissioner Doug Shulman said.

“We were flooded with people coming in during the final days of the program,” Shulman told reporters on a conference call in Washington today as the U.S. and Swiss governments released a list of criteria used by Switzerland to screen American clients of UBS AG bank for tax fraud.

Americans with undeclared offshore accounts have been under growing pressure since Switzerland agreed Aug. 19 to hand over data to the U.S. on as many as 4,450 UBS accounts to settle a lawsuit in which the U.S. had sought as many as 52,000 accounts.

The more than 14,700 voluntary disclosures announced today are nearly double the amount the IRS reported a month ago. They are in addition to the accounts UBS must turn over to the IRS under the settlement.

 

2 Comments in Response to

Comment by Lola Flores
Entered on:

 Americans are coming clean.  Now, it's time for their government to do the same.

 

 

Ha ha!  That was just a joke...

Comment by Trouser Chili
Entered on:

This is a huge snub against the IRS.

IRS wanted 52,000 accounts from a single bank in a single country.  After a lot of threats they only got 14,700 taxpayers with accounts at many banks to volunteer their information. 

A search for "How many Americans live abroad?" shows that it could be 500,000 in Mexico alone.  There must be millions of foreign bank accounts, and yet the IRS received 14,700?  Maybe I'm missing something.


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