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IRS Intensifies Global Hunt for Secret Offshore Bank Accounts

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Ryan J. Donmoyer
Bloomberg News
Thursday, October 15, 2009

Oct. 15 (Bloomberg) — The IRS is intensifying its hunt for secret offshore banking, opening offices in Beijing, Sydney and Panama City after more than 7,500 Americans revealed undeclared accounts in 70 countries on six continents.

Internal Revenue Commissioner Douglas Shulman said yesterday Americans coming forward before today’s deadline to take advantage of a partial amnesty have revealed accounts ranging in value from $10,000 to more than $100 million. The partial amnesty won’t be extended, he said.

Americans with undeclared offshore accounts have been under growing pressure since Switzerland agreed Aug. 19 to hand over data to the U.S. on as many as 4,450 UBS AG accounts to settle a lawsuit in which the U.S. had sought as many as 52,000 accounts.

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IRS Intensifies Global Hunt for Secret Offshore Bank Accounts 270809banner

“We’re going to be scouring the 7,500 disclosures to identify financial institutions, advisers and others” who helped taxpayers skirt their obligations, Shulman said on a conference call with reporters. “This entire effort is not just about UBS and a single country.”

It isn’t yet known how much overlap might exist between the 4,500 names that UBS will eventually provide and the 7,500 people who have come forward to the IRS, Shulman said.

Full story here.

This article was posted: Thursday, October 15, 2009 at 9:45 am





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