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Amnesty for Tax Cheats?

By: Associated Press
By: Associated Press

WASHINGTON (AP) - The Internal Revenue Service is seriously considering a new program of reduced penalties for overseas tax
cheats who turn themselves in.

About 15,000 tax cheats came clean last year as part of an IRS offer of reduced penalties and no jail time for people who turn themselves in.

IRS Commissioner Doug Shulman told an international tax conference Thursday that the program was so successful the agency
is considering another one.

Last year's offer was made as the IRS stepped up efforts to go after Americans hiding money overseas, including a well-publicized case involving Swiss banking giant UBS AG.

Shulman said any new program would not be as generous as last
year's.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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