Getting your player ready...
WASHINGTON — International tax evaders who come clean will be able to avoid jail and pay reduced fines under a new voluntary-disclosure program announced Tuesday by the Internal Revenue Service.
Tax cheats will have until Aug. 31 to settle up with the IRS or face an ongoing crackdown against Americans who hide assets overseas, IRS Commissioner Doug Shulman said.
The offer is similar to one the IRS made in 2009 that netted 15,000 tax evaders. Shulman said the IRS has closed 2,000 of those cases, collecting $400 million in additional revenue.
Shulman said the new offer isn’t as generous because he doesn’t want to reward tax cheats who waited two years to come forward.
