The agency has reportedly settled with more than 14,000 taxpayers over their offshore accounts.
Miami (WiredPRNews.com) – The IRS has reportedly allowed a majority of over 14,700 taxpayers who previously failed to disclose billions of dollars hidden in offshore accounts to avoid criminal prosecution by paying taxes on the funds. As reported by the Associated Press (AP), many came forward with their disclosures after the announcement of an amnesty program following a crackdown in the U.S. on tax evasion.
IRS Commissioner Doug Shulman is quoted by the AP as stating of the large number of people who came forward prior to the October 15 deadline, “To put it simply, this is a historic milestone for the nation’s hardworking taxpayers.”
As noted in the report, billions is expected to be collected in interest, penalties, and taxes as a result of the program.
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