7,500 Seek Offshore Account Amnesty

WASHINGTON — More than 7,500 US citizens with secret offshore bank accounts have come forward to diclose their offshore accounts and pay back taxes due to an IRS amnesty program expiring Thursday, officials said.

The Internal Revenue Service said it was too early to have the total number of taxpayers who would request amnesty under the program but added that it would be a at least 7,500.

Senator Levin, who is in charge of a panel that conducted an investigation into tax havens, in a prepared statement that the initial results from the voluntary disclosure program were positive.

“The fact that more than 7,500 US taxpayers took advantage…to disclose hidden foreign accounts …suggests that our efforts to end tax haven abuses may be making progress,” Levin said.

“….Americans are losing confidence in the ability of tax haven banks to hide their assets. But it is also clear that thousands of other taxpayers are still in the shadows, working to keep their offshore accounts hidden.”

Authorities are cracking down on overseas, offshore and those who offer an services, account opening, and even holders of an online offshore account  for tax evasion.

The key here is, ‘for the purposes of tax evasion’. 

It is still legal to own and operate an offshore bank account. It just must be disclosed to the us treasury if it holds more than 10,000 usd.