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WASHINGTON — A deal with Switzerland settling U.S. demands for the names of suspected tax dodgers from a Swiss bank has a lot of wealthy Americans with offshore accounts nervously running to their tax advisers — and the Internal Revenue Service.
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The U.S. and Swiss governments announced a court settlement last week in efforts by the IRS to force Zurich-based UBS AG to turn over the names of some 52,000 Americans believed to be hiding nearly $15 billion in assets in secret accounts.
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Even before the settlement, the high-profile case — coupled with other U.S. efforts to go after Americans hiding undeclared assets — has scared hundreds of tax dodgers to turn themselves in. Boggs said his firm has been taking on 100 new cases a month, a big increase over previous years.
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..."I don't think you have much of a choice but to come forward. ... I think the landscape is permanently changed."
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"We should have put a clampdown on these tax havens a long time ago".
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President Barack Obama, in his proposed 2010 budget, asked Congress to pay for 800 additional agents, examiners and lawyers to go after people who hide money overseas. Obama also wants Congress to require overseas financial institutions doing business in the U.S. to share more information with the IRS.
If the wealthy people do it... well, here is a little blurb...
"In March, the IRS began a six-month amnesty program that sweetened the offer with reduced penalties for people with undeclared assets. IRS Commissioner Doug Shulman said the response has been unprecedented."
Six months to turn yourself in... and REDUCED PENALTIES? I am willing to bet their names won't even be posted for the world to know what aholes they are... I bet there are a lot of celebrities, athletes, etc in there... at least the government is working for somebody, just not us...
If the wealthy people do it... well, here is a little blurb...
"In March, the IRS began a six-month amnesty program that sweetened the offer with reduced penalties for people with undeclared assets. IRS Commissioner Doug Shulman said the response has been unprecedented."
Six months to turn yourself in...
Yes, that's the length of time of the amnesty period, which is evidently very successful, see the OP link. After that the DoJ throws you to the IRS, I suppose.
His advice: "I don't think you have much of a choice but to come forward. ... I think the landscape is permanently changed."
Quote:
Originally Posted by evilnewbie
and REDUCED PENALTIES? I am willing to bet their names won't even be posted for the world to know what aholes they are... I bet there are a lot of celebrities, athletes, etc in there... at least the government is working for somebody, just not us...
Oh, sour grapes. Rich people have lawyers. I dont understand what you mean by "just not us". Who the hell do you think this is supposed to benefit?
Finally we have a president who shows he cares cares enough about the United States to step up and do something about these tax cheats. Why dont you stop sulking and admit this is a good thing.
Even the most socialist countries in the world do not tax citizens for income made in their home country as well as abroad. The US is among the only countries other than Libya and a couple of other dirtbag areas that implement this draconian law. It's time to change that law so we aren't even more socialist than Europe.
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