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VOL. 126 | NO. 27 | Wednesday, February 09, 2011

IRS Reduces Penalties if Tax Cheats Come Clean

STEPHEN OHLEMACHER | The Associated Press

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WASHINGTON (AP) – The Internal Revenue Service is offering reduced penalties for international tax cheats who come clean.

IRS Commissioner Doug Shulman said Tuesday that people who are hiding assets overseas can avoid jail and pay reduced fines if they turn themselves in and pay back taxes by Aug. 31. The offer is similar to one the IRS made in 2009 that netted 15,000 tax evaders.

Shulman said the new offer won't be as generous because he doesn't want to reward tax cheats who waited two years to come forward.

The IRS has long had a policy that certain tax evaders can avoid jail as long as they come forward before they are contacted by the agency. But without the program, penalties can sometimes far exceed the value of hidden accounts.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 327 11,765
MORTGAGES 76 371 15,350
FORECLOSURE NOTICES 41 112 3,023
BUILDING PERMITS 382 972 28,226
BANKRUPTCIES 65 345 11,307
BUSINESS LICENSES 19 117 4,155
UTILITY CONNECTIONS 184 700 17,184
MARRIAGE LICENSES 20 100 3,564

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