US Tax Amnesty Aims at Offshore Wealth Expires Mid October
The US Internal Revenue Service (IRS) has announced its tax amnesty program will wrap up October 15th for taxpayers to who have unreported overseas bank accounts and income. This marks continued pressure by both the OECD and initiatives by the UK and US Governments to hit offshore tax havens.
Back of the recent landmark court case of Swiss banking giant UBS who were forced to disclose the identities of US citizens who held private offshore bank accounts. There is more detailed information at the site www.irs.gov and the current amnesty program has been ramp up to create a more comprehensive understanding of how American's abroad shelter offshore funds.