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The IRS launched an amnesty program in January for taxpayers who, by means of offshore credit card accounts, evaded taxation of reportable income (www.irs.gov/pub /irs-drop/rp-03-11.pdf). (Tax Notes).

The IRS launched an amnesty program in January for taxpayers who, by means of offshore credit card accounts, evaded taxation of reportable income (www.irs.gov/pub /irs-drop/rp-03-11.pdf). Under the offshore voluntary compliance program, such taxpayers are responsible for back taxes, interest and certain accuracy or delinquency penalties. They also must identify the promoters of the offshore financial schemes. But those participating in the program do not have to pay additional penalties they might otherwise face. The last day a taxpayer can apply is April 15.
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Publication:Journal of Accountancy
Date:Apr 1, 2003
Words:88
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