Tax evasion by individuals with unreported offshore financial
accounts was estimated by one IRS commissioner to be several tens
of billions of dollars, but no precise figure exists. By law, U.S.
citizens are required to report world-wide income from all sources,
including income from offshore accounts. While taxpayers can hold
offshore accounts for a number of legitimate reasons, some use them
to illegally reduce their tax liabilities, often by not reporting
the income earned on these accounts. The IRS has operated four
offshore programs since 2003 that offered incentives for taxpayers
to disclose their offshore accounts and pay delinquent taxes,
interest and penalties. This book examines the nature of the
non-compliance of the 2009 Offshore Voluntary Disclosure Program
(OVDP) participants; the extent the IRS used the 2009 ODVP to
prevent non-compliance; and assesses the IRS's efforts to detect
taxpayers trying to circumvent taxes, interests, and penalties that
would otherwise be owed.
General
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