IRS: 56K overseas tax dodgers come clean
With two weeks to go in an IRS amnesty program created in 2009 for people who hid income in overseas accounts to dodge taxes, some 56,000 taxpayers have voluntarily remitted $11.1 billion without additional penalties.
Taxpayers have until Sept. 28 to apply for the Offshore Voluntary Disclosure Program, with the program peaking in 2011 and just 600 taxpayers coming forward last year. The IRS lists options online at www.irs.gov for taxpayers who negligently fail to disclose foreign financial assets.
Since 2009, the IRS has prosecuted more than 1,500 cases related to international tax evasion, including Greenwich resident and South Korea citizen Hyung Kwon Kim who in January was sentenced to six months in prison and forced to pay penalties of more than $14 million.
Alex.Soule@scni.com; 203-842-2545; @casoulman