» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 126 | NO. 27 | Wednesday, February 09, 2011

IRS Reduces Penalties if Tax Cheats Come Clean

STEPHEN OHLEMACHER | The Associated Press

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 106 418 11,538
MORTGAGES 135 521 14,424
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 220 913 24,947
BANKRUPTCIES 53 297 8,729
BUSINESS LICENSES 26 119 3,890
UTILITY CONNECTIONS 71 524 13,980
MARRIAGE LICENSES 13 83 3,114

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.