I.R.S. to Ease Penalties for Some Offshore Tax Evaders
By Lynnley Browning, The New York Times
The Internal Revenue Service, under pressure to bring in money to the faltering economy, plans to give offshore tax evaders a big break.
The agency announced on Thursday a plan that lowers a penalty levied on wealthy Americans who stash billions of dollars overseas to evade taxes.
In another shift, the I.R.S. will generally not prosecute taxpayers who come forward voluntarily, provided they are not drug dealers, arms merchants or others with ill-gotten gains. And it will not assess a 35 percent penalty on money secretly transferred to foreign trusts - a common method of tax evasion.
The goal, Douglas Shulman, the I.R.S. commissioner, said during a briefing “is to get taxpayers who have been hiding assets offshore back into the system.”
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